Autumn Budget Announced in the Run-up to Brexit - Fleximize

Autumn Budget Announced in the Run-up to Brexit

Two-year fix on VAT threshold. Retailer rate cuts. The introduction of UK digital tax.

30th October 2018

By Jyoti Patel

In the final Budget before Brexit, Philip Hammond has revealed the government's tax and spending plans for the new financial year. The speech comes in the wake of the Conservative Party Conference earlier this month, in which Prime Minister Theresa May made the controversial announcement that austerity is coming to an end.

Themes that filled the afternoon speech included the extra £20 billion needed for the NHS by 2023, and of course the issue of how the economy is prepared for the UK’s exit from the European Union.

Hammond opened his speech with an optimistic statement declaring the Budget has a clear focus on minimising the tax taken from the wages of the 'strivers, grafters and carers' of the UK. There was lots of talk of an 'optimistic' and 'bright' future along with reaffirming Theresa May's claims of the end of a decade of austerity. But what does this mean for business owners across the UK?

In the 72-minute speech, the Chancellor celebrated the fact that 3.3 million more people are in work since 2010, with wage growth at its highest in nearly a decade. Hammond also confirmed an extra £20.5 billion will be made available to the NHS over the next five years, with at least an extra £2 billion a year for mental health services. 

For more information on the Autumn Budget, and for a full transcript of the Chancellor’s speech, visit the UK Government’s website.