ibusinesslines.com
ibusinesslines.com August 19, 2018


Heads up on the UK Spring Statement due later in the day

13 March 2018, 06:36 | Kelvin Horton

Hammond is facing calls to “end austerity”

Conservative Party Conference 2017 Day Two

We use cookies to give you the best experience on our website and bring you more relevant advertising.

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.

Philip Hammond has said there is "light at the end of the tunnel" for the United Kingdom economy, with the government's official forecaster upgrading short-term growth projections and predicting falls in inflation, debt and borrowing - but warning of the growing impact from Brexit in future years.

And referring to the Chancellor's Eeyore reference, shadow communities secretary Andrew Gwynne joked that Mr Hammond was "talking Pooh".

'That is a very important moment for us but we are still in the tunnel at the moment, ' he told the BBC's Andrew Marr Show.

John McDonnell accused Philip Hammond of "complacency", saying he "hasn't he listened to the doctors and nurses, the teachers, the police officers, the carers and even his own councillors?"

"For eight years they've been ignored by this government".

"The Chancellor has proclaimed today that there's light at the end of the tunnel".

The OBR has released a statement explaining its revised forecasts for United Kingdom economic growth.


He added: "The reality is that the Chancellor and his predecessor have not tackled the deficit".

"The current misalignment between where digital businesses are taxed and where they create value threatens to undermine the fairness, sustainability and public acceptability of the corporate tax system", he said.

He also raised concerns over funding for schools, the emergency services and local councils.

He described the statement as "another missed opportunity", telling MPs: "People know now that austerity was a political choice, not an economic necessity".

"We are building a Britain fit for the future and an economy that works for everyone", Hammond said.

The Chancellor added that since 2016 he had set out a plan to "unleash our creators and our innovators, our inventors and our discoverers".

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.

He made the prediction after Tory Jeremy Quin (Horsham) said he welcomed the "improvements we have seen in productivity over the last six months".

This, it says, is despite the United Kingdom going from being one of the best-performing economies between 2013 and 2016, to being the worst performing economy in the G7.



Other News

Trending Now

Trump Ousts Tillerson & Nominates Pompeo As Secretary Of State
The move comes less than a week after the Trump administration agreed to a historic meeting with North Korean leader Kim Jong Un . Pompeo might be a stronger fit for secretary of state because of his focus on the North Korea crisis.

Chiefs set to release Tamba Hali
However, he was released by the Seahawks before the 2011-12 campaign began and landed with the Oakland Raiders. Parker was a free-agent signee by the Chiefs in the 2013 and spent five seasons with the club.

Two New Nokia 9 Features Leaked, Hint At An Exciting Upgrade
Part of the reason behind this is Google which has sent a signal to Android OEMs to embrace the notch, thanks to Android P . Google will release Android P later this year, but the first phones to get Android P will be Google's own Pixel 3 handsets.

Bears to sign top free agent receiver Allen Robinson
And they still might not, because reports Tuesday morning had Watkins agreeing to three years for $48 million with the Chiefs . The Bears are not expected to tender an offer to their only exclusive-rights free agent, long snapper Patrick Scales.

Katy Perry takes a tumble and flashes fellow 'American Idol' judges
Missing on Sunday's episode was Ryan Seacrest , who used to have countless appearances in every episode . The real test for " Idol " will be on Monday's when it goes up against NBC's The Voice .

Trump to host Saudi Crown Prince
Evidence of such abuse has been slow to emerge, but officials from two western governments said they deemed the reports credible. "I would guess it is about evens that there will be no global IPO", one high-level source said , according to the agency.

Oil prices move lower after Friday's rig-powered surge
On Friday, Baker Hughes said the U.S. rig count dropped for the first time in seven weeks. Brent crude futures LCOc1 were at $64.85 per barrel, down 10 cents, or 0.2 percent.