Tory Chancellor Philip Hammond is gearing up for his address to MPs on the nation's financial health on Tuesday 13th March at 12.30pm. This year things will look very different to previous years. Instead of a full Budget, we are getting a slimmed-down 'Spring Statement'.
In 2016 the Tory Chancellor announced he was moving the Budget from Spring to Autumn. So instead of the Autumn Statement there's now a Budget, and instead of the Budget there's now a Spring Statement.
Mr Hammond told MPs in 2016: "No other major economy makes hundreds of tax changes twice a year, and neither should we. If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement. But I won’t make significant changes twice a year just for the sake of it."
He added the timing would align better with international best practice and give Parliament more time to scrutinise each Budget. He will respond to predictions from the independent Office for Budget Responsibility, they will show things like the projected GDP growth and borrowing for the UK government in future years.
There will be no red box, no official document, no spending increases, no tax changes.
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John, having joined the firm on 7th July, 1980 as a young trainee ascended the career ladder and became a partner in 1999 taking on numerous in-house roles along the way as well as managing a diverse portfolio of clients ranging from sole-traders to large corporate groups, whilst also encompassing work with the legal and charity sectors which included the audit of Hull ...
Responding to today’s budget from Chancellor Rishi Sunak, Managing Partner Tony Bullock is impressed with the innovative and fair announcements made across the board. In summary he commented: “The forecast for growth from the Bank of England and OBR is positive given we remain with lockdown restrictions. The economy is expected to return to pre-COVID levels b...