Maximum number of cars added to compare list.
What's your postcode?
We need your postcode in order to provide accurate search results.
Compare cars side by side to save time clicking backwards and forwards between them.
NFDA Spring Statement SummaryBack
- The Office for Budget Responsibility (OBR) expects the economy to continue to grow above initial estimates, increasing their forecasted growth for this year. They estimate the following growth in GDP:
- 2018: 1.5%
- 2019: 1.3%
- 2020: 1.3%
- 2021: 1.4%
- 2022: 1.5%
- The UK’s public borrowing has continued to decrease, falling by three-quarters since 2010. Borrowing for this year is forecast to be down by £4.7bn to £45.2bn.
- The national debt, as a percentage of GDP, will fall by to the following:
- 2017-18: 85.6%
- 2018-19: 86.5%
- 2019-20: 85.1%
- 2020-21: 82.1%
- 2021-22: 78.3%
- 2022-23: 77.9%
- The National Living Wage will rise to £7.83 on 1 April 2018.
- Employment has risen by 3m since 2010 and is forecast to continue to grow by the following:
- 2018: 32.2m
- 2019: 32.4m
- 2020: 32.5m
- 2021: 32.6m
- 2022: 32.7m
- Inflation is expected to fall in line with the Government’s 2% target in the next twelve months.
- The planned revaluations of business rates, due to take place in 2024, has been brought forward by three years to 2021.
- £80m has been committed to helping small firms support greater apprenticeship opportunities.
- Over £1.5bn has been allocated to departments and devolved administrations to help prepare for Brexit in 2018/19.
Other Government Plans announced
- A consultation into Van Vehicle Excise Duty – to encourage van drivers to choose cleaner vehicles the government will consult on reforming Vehicle Excise Duty (VED) for vans.
- A consultation into tax relief on ‘red diesel’ – examine whether “non-agricultural red diesel tax relief” contributes to poor quality air.
- A consultation exploring the possibility of a new VAT mechanism for online sales, to ensure tax actually reaches the Exchequer.
- To examine ways in which the Government can help small businesses deal with late payment culture.
Posted by Sue Robinson on 16/03/2018