Economy

Spring statement 2018: the chancellor's key points at a glance

Spring statement 2018: the chancellor's key points at a glance

He will also consult on tax cuts for low-emission vans.

Mr Hammond has said he might be able to allow a bit more public spending later this year.

He accused Labour of "relentlessly talking Britain down" with "doom and gloom about the state of the nation".

Chancellor Philip Hammond delivered a pared-down spring statement on Tuesday which said the United Kingdom economy is faring better than predicted.

"I reported in the Autumn that borrowing was due to fall in every year of the forecast and debt to fall as a share of GDP from 2018-19".

Forecasts for growth are expected to be revised up, while borrowing forecasts are expected to be revised down.

Hammond said in the next tax year taxpayers will pay £1,075 less in income tax than in 2010-11.

He is expected to reveal that tax receipts are covering day-to-day government spending for the first time since the 2008 financial crisis.

There was, he said "light at the end of the tunnel".

The budget deficit for the current 2017/18 fiscal year has been cut to an estimated £45.2 billion from a forecast of £49.9 billion made in November, Mr Hammond said.

Sevilla Star Warns Manchester United Ahead Of Champions League Tie
Never once did his energy levels or core strength ever seem to drop, even when United players were virtually camped in their own box.

At this year's Budget he will "set an overall path for public spending for 2020 and beyond" with a detailed spending review in 2019. "Our economy is created to fail people - and it needs an overhaul".

Shadow Chancellor John McDonnell responded to the statement by saying Hammond's "complacency is astounding".

Ignoring this, the chancellor said he was looking forward to another step forward at next week's European Union summit.

Mr Hammond is also facing calls from his own side to call a halt to the public spending squeeze.

Alongside new housing in London, the Chancellor says government is working with 44 areas on their bids into the £4.1 billion Housing Infrastructure Fund.

A deal had been agreed with the West Midlands to deliver 215,000 homes by 2030-31, facilitated by a £100 million grant from the land remediation fund.

He also announced estimates from the Office for Budget Responsibility that jobs growth would continue.

On housing, he said there is an investment programme of £44bn.

Chancellor Philip Hammond has announced that London will receive £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22.

Hammond has finished his Spring Statement, saying he wants the United Kingdom to be a force for good and a country everyone can be proud of.


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