Posted by Gary Mackley-Smith on October 29, 2018
Autumn Budget 2018 announcements made on 29 October.
The first Budget to be held on a Monday since 1962 may well be Philip Hammond’s last (we’ve said that before), as there could be some scary consequences ahead from Brexit, and of course Halloween approaches.
And whilst the Prime Minister has declared that austerity is over, much to the horror of the Treasury, the Chancellor remains keen to keep a tight grip on the money to cover post-Brexit contingencies and the extra £20bn Theresa May has promised the NHS.
Philip Hammond wants to keep a lid on public debt – ten years on from the financial crash – although it has been lifted a little to keep fuel duty frozen (costing the Treasury another £10bn) and freeing local authorities to borrow to build more council houses – after the Prime Minister overruled him on both counts.
So, if austerity has ended, is this the Dawning of the Age of Prosperity? We shall see.
We could well be back here shortly with another Budget if all goes badly with the Brexit negotiations, and the Treasury has to shred its plans, or if the government fails to get its plans through Parliament.
In that sense, this is very much a holding Budget until the economic landscape becomes clearer, or we get a new Chancellor.
Brief recap – key changes previously announced:
Whilst we have some information today on these Budget announcements, the detailed provisions will follow in the Finance Bill, which the Treasury has announced will be published on Wednesday 7 November 2018.
The Scottish Parliament has announced that its Draft Budget 2019/20 will be published on 12 December 2018.
From 6 April 2019 a new Welsh income tax rate will apply in a similar way to Scotland. A draft Welsh Budget was published on 2 October 2018, and HMRC has issued a technical note about the Welsh rate of tax..
What should he have done for: