Chancellor Philip Hammond presented his 2018 Spring Statement which, somewhat controversially, called for copper coins to be scrapped.
There has been somewhat of a public backlash on Chancellor Philip Hammond’s announcement that he is considering dropping copper coins from circulation. Fears have been expressed that this is a way of implementing price increases as 5p could be the lowest value coin in circulation.
In his speech, Mr Hammond provided an update on the economy which has grown faster than expected. He announced an £80 million boost for small businesses and responded to the Office for Budget Responsibility forecasts.
Changes to the tax system are being introduced including ensuring that online and digital businesses adhere to UK tax liabilities, personal allowance for 2018/19 is £11,850 and the dividend allowance will be reduced to £2,000 from the current rate of £5,000
In partial summary:
- Wages could rise above inflation
- There will be a drive to reduce plastics that are designed for single use
- £80 m boost for small businesses who engage with apprentices
- £1.67 billion will be available to build 000’s more affordable homes are set to address the housing crisis
- Tax breaks for commercial motorists
- Changes are being made to qualification for reduced road tax
- End of the £50 note
For full details of the Spring Statement, visit the Government website.