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NFDA Spring Statement SummaryBack

Headlines

  • 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.

Further Announcements

  • 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 Dutyto 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