The Chancellor of the Exchequer, Philip Hammond presented his Spring Statement to Parliament on Tuesday 13 March 2018.

It is all good news as announced:

The economy is on the road to recovery and is growing faster than it was forecast.

Surges in employment, with 3 million jobs created through the UK in the past 5 years. For the first time since Tories came to power in 2010, employment is higher than unemployment in every single region in the UK

Increase in wages with the lowest paid  7% above the inflation since 2015.

The government's main concern is now  the economic growth and  the prospects of reducing National debt which has reached almost  2 trillion pounds and it grows by 250 million pounds a day.   The government is now looking for the point when it can stop or at least freeze that growth, as the borrowing is  at last under control.  This is  due to higher  tax receipts and limiting public expenditure.  It is predicted that  Britain will continue on that mode and will   get onto surplus in Current Account by the end of this Parliament.  These kind of predictions and promises have been, however, made in the past on a number of occasions.

Also; a rise in use of contactless cards and phone payments and decline in use of small value coins has prompted the review of the cash in British economy. The removal of copper coins is under consultation.  Highly unlikely is however the removal of one and two p coins from circulation, as this would in turn lead to rounding up and the increase in prices.

 

Spring Statement -  Economy in a nutshell - Your Tax Assistant

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