Published: Wed, March 14, 2018
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Spring Statement 2018: Chancellor's speech 'benefits mortgage borrowers'

Spring Statement 2018: Chancellor's speech 'benefits mortgage borrowers'

Instead, Mr Hammond used the opportunity to set out the outlook for the United Kingdom economy and to list a series of tax consultations.

Elsewhere, Hammond's statement noted the OBR has also revised its growth forecast for 2018 from 1.4% to 1.5%.

This is in line with a Treasury estimate given past year of between £35 billion and £39 billion. But the downward revision to borrowing since November will diminish over the next two years because of upward revisions to debt interest and some other spending.

"A shorter valuation period undoubtedly has benefits in terms of the speed at which value changes are passed on to ratepayers and it should avoid the massive step change we saw in 2017", said Alex Probyn, president of United Kingdom business rates at real estate advisor Altus Group. With over 50% of Cambridge's growth in the next three years forecast to come from Information and Communications Technology (ICT) and professional services, investment in these areas will be vital to maintaining this trajectory. The OECD today also forecast that the United Kingdom would be the slowest growing member of the G7 in 2018.

Glossing over the uncertainty, Hammond told lawmakers: "I am pleased to report. on a United Kingdom economy that has grown in every year since 2010".

Both the United Kingdom and the European Union could be hurt by these tariffs, but given the UK's extensive military and intelligence history with the USA (much akin to Australia's - another nation provided exemption), there is a chance that Britain might be able to secure exemption.

Despite the slow growth seen ahead for Britain, the government is on course to borrow 20.3 billion pounds ($28.4 billion) less in cumulative terms between 2017/18 and 2022/23 than it predicted in November.

Setting out latest Office for Budget Responsibility economic and fiscal forecasts today, Hammond said there was "light at the end of the tunnel".

Growth is then expected to drop to 1.3% in both 2019 and 2020 before picking up modestly again to 1.4% in 2021 and 1.5% in 2022. The economy could implode if the Government doesn't walk that fine line.

Opposition Labour finance spokesman John McDonnell however accused Hammond of "astounding" complacency over the impact of ongoing state austerity on public services. Before too long, wages would start rising faster than prices. There was also little change in borrowing expectations for future years.

Britain's sluggish economy will grow slightly more quickly than previously thought this year in the run-up to Brexit, lowering the government's expected borrowing, finance minister Philip Hammond said on Tuesday.

In his first spring statement to the House of Commons - not created to be a "major fiscal event" like the Autumn Budget - Mr Hammond revealed that the Office for Budget Responsibility now expects state borrowing to be £45.2 billion this year - £4.7 billion lower than predicted in November and £108 billion lower than in 2010.

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