KXIP vs KKR Live Score

The chancellor had previously said, in last year's Autumn Budget, that business rates revaluations would take place every three years, as opposed to every five years, following the next revaluation. They are telling him they can't wait for the next budget.

Mr Hammond also said that some 60,000 first-time buyers have benefited from the abolition of stamp duty on homes under £300,000, a policy which was also announced - and came into force - on the date of the 2017 Autumn Budget.

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

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

Similarly, while Hammond was able to announce that the OBR had cut its estimate of government borrowing in the current 2017/18 financial year by nearly £5bn to just over £45bn, this was the result of a cyclical rather than a structural improvement in the state of the public finances.

Forecast growth is unchanged at 1.3% in 2019 and 2020, before rising to 1.4% in 2021 and 1.5% in 2022, the Chancellor said.

Until 2016, major tax changes were announced early in the year, in the Spring Budget, while the Autumn speech was primarily for economic forecasts.

Despite the slow overall growth seen for Britain, the government is on course to borrow 20.3 billion pounds ($28.4 billion) less in cumulative terms between 2017/18 and 2022/23 than the OBR predicted in November.

It will peak at 85.6% of GDP in 2017-18 then fall to 85.5% in 2018-19, then 85.1%, 82.1%, 78.3%, and finally 77.9% in 2022-23.


He added that the public finances had reached a turning point, seeing the first sustained fall in debt for 17 years. He told MPs that there was "definitely light at the end of the tunnel".

She said: "Today's Spring Statement was characterised by unsafe complacency from the Chancellor. Our economy is created to fail people - and it needs an overhaul".

Prime Minister Theresa May's Conservative government has made "solid progress towards building an economy that works for everyone", the chancellor continued. "We choose to champion those who create the jobs and the wealth on which our prosperity and our public services both depend, not to demonise them".

The Treasury said that the call for evidence "will explore how changes to the tax system or charges could be used to reduce the amount of single-use plastics we waste by reducing unnecessary production, increasing reuse, and improving recycling".

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. Some 215,000 new homes are also scheduled to be built in the West Midlands by 2031.

London is to also receive an additional £1.7bn to deliver an extra 26,000 affordable homes, taking the total to 116,00 by the end of 2122.

On the back of Tuesday's improved figures, Mr Hammond said: "There is indeed light at the end of the tunnel".

"The growth predicted in the hard period up to Brexit was encouraging, as was the £80m for small businesses via the Apprenticeship Levy to help them overcome the complexity of the system".


COMMENTS