On Tuesday, 13 March 2018, the Chancellor of the Exchequer rose to the Despatch Box to deliver his assessment of the economy, its progress and what might happen in the future for the UK’s economy and its development.
It was noticeable that there wasn’t as much speculation in the media prior to Mr Hammond’s date at the despatch box. This probably has as much to do with other events – Salisbury – as anything else.
However, the main headlines were the economic growth of the country were raised upwards. Additionally, there were clear signals austerity is ending!
There were the announcements of plenty of consultation to investigate the feasibility of a number of things. Tax credits were included here, as was the direction of cash in our society – one of the key questions asked here will be “will we need 1p and 2p’s in future?”. Consultations were also announced on ensuring VAT was collected on online sales and extending current training tax relief to self-employed people and employees.
In our opinion, there were many things to recognise in this Statement that should be applauded. Despite the backdrop and the chaos of the Brexit negotiations and possible trade deals, UK economic growth has been revised upwards. There’s also key investments being made, investigations are being made into making working lives easier and the rhetoric was generally upbeat.
The UK hasn’t yet shifted into top gear, but is looking increasingly speedy, agile and dynamic. Will it continue?