Spring Budget 2017 UNW summary
Chancellor Philip Hammond delivered his first Budget yesterday, with a mixed background of improved short term economic forecasts but longer term concern over the potential impact of Brexit.
The Chancellor stated this was to be the last Spring Budget, although he also acknowledged it had been abolished by one of his predecessors, only to be reinstated later. He sought to balance some additional spending in areas where he has been under the greatest pressure – social care, the NHS and Business Rates – with limited tax raising, eschewing a spending splurge despite improved forecasts from the Office of Budget Responsibility, preferring to keep his powder dry in case action is needed later to deal with economic weaknesses that may arise due to Brexit or other economic shocks.
There were a limited number of new measures in this Budget, but given the large number of previously announced changes yet to come into effect, many will welcome this.
A summary of the 2017 Spring Budget is now available via the link below. We hope the summary provides a valuable guide to the significant announcements.
If you have any questions regarding the information covered in this summary, or would like advice on a particular area, please get in touch with either your usual contact or any of the UNW Tax partners. Contact details can be found on the final page of this summary PDF.
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