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14 Marcha 2018, 01:04 | Benedicto Grullon
SPRING STATEMENTMarch 12 2018 12:00pm The Times Spring statement Chancellor will get stuck into chewing gumnew Oliver Wright Policy Editor
Labour has called on the Chancellor to use the statement to declare a halt to austerity measures and "end the financial crisis in our public sector".
Nigel Green, deVere's CEO, called the chancellor's spring statement "enormously encouraging" for the financial sector, and for financial technology in particular. A leaked European Union paper reads: "Economic growth in the United Kingdom has slowed markedly since the start of 2017".
Emphasising the need to attract and retain talent in Britain, Dinesh Jangra, partner and head of global mobility solutions, Crowe Clark Whitehill, said he would like to see a review of the United Kingdom tax system in the area of mobility (expatriate tax breaks) to enhance United Kingdom attractiveness.
This is due to a drop in borrowing, higher-than-predicted GDP growth of 1.7% for 2017 and the recent elimination of the Government's deficit on day-to-day spending.
Productivity is stronger than expected, according to the OBR, though it warned that these figures reflected a weaker number of average hours worked.
All of this has partially offset the adverse effect of the uncertainty surrounding the Brexit process. While unveiling the Spring Statement, Hammond stuck to an optimistic tone when he said "there is light at the end of the tunnel" and that the United Kingdom economy is in better shape than expected.
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Official HMRC receipts, which include income tax, for the three months ending in January were nearly £8 billion higher than for the corresponding period a year earlier.
Mr Hammond told the Andrew Marr show yesterday that the UK's debt was still too high, but hinted the Minsitry of Defence and health service could be given more funding in his next Autumn budget.
He said if the public finances continued to improve, he could set aside more money for public services - a potential increase in spending that could be seen as a pre-election war chest.
The Office for Budget Responsibility (OBR) has revised up the UK's GDP growth forecast for 2018 in today's inaugural Spring Statement, while forecasting inflation will fall to 2% by the end of 2018.
The new 2018 forecast remains a slowdown, however, compared with expansion of 1.7 percent last year, and followed a gloomy OECD warning that Brexit would crimp growth over the coming years.
The forecasts for the state of the public finances are likewise improved.
Meanwhile, Mr. Hammond is expected to announce this week that borrowing will be £10 billion lower this year than previously forecast.
All of this good news does not, however, herald a giveaway.
"Add to that the fact that employment levels remain robust, debt is coming down as a proportion of GDP, and it is hard not to come to anything other than the conclusion that growth in United Kingdom plc will be ok".
GDP in 2020 is expected to grow 1.5%, down from the prior estimate of 1.6%.
The government has put £700mln on the national debt despite promising to have eliminated the deficit by 2015, he added.
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