Financial Statement Highlights

Yesterday Philip Hammond took centre stage for the 2018 Spring Statement. This statement
was not intended to deliver the any drastic changes to legislation; it is used as more of an
Economic update and outlook.

Some of the key highlights have been outlined below:

Economic

  • Growth forecasts were revised from 1.4% up to 1.5% in 2017-18.
  • Falling inflation forecasts from 3% to 2% by the end of 2018.
  • Over the next five years, wages are expected to rise faster than average prices.

Spending

  • £1.5bn already allocated for Brexit
  • £1.67bn to build more affordable homes in London by 2022.
  • National Living Wage to rise to £7.83p/h

Public Finances

  • Borrowing forecast to be lower than predicted at £45.2bn
  • Borrowing to fall continuously to 2022 to £21.4bn

If you would like any further information on the above, please do not hesitate to contact your
adviser

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