Spring statement: 'Tigger' Hammond hails turning point for the economy
Spring statement: 'Tigger' Hammond hails turning point for the economy
Philip Hammond has said here is ‘light at the end of the tunnel’ after years of austerity
15 March, 2018, 23:37
Mr Hammond suggested interim measures of taxing digital businesses on their revenues, which would target multinationals while simultaneously protecting start-ups in a consultation paper accompanying the Spring Statement. This is one of key policy questions of our time - or any time, for that matter, and it's great to see this government gets it.
"Someone who'd missed the Chancellor's protestations over the last few weeks would be forgiven for not realising that we'd moved from a Spring Budget to a Spring Statement".
The Chancellor's Spring Statement was something of a non-event.
"This can only be good news for innovative tech companies in the region as well as the wider business community since, depending on the outcome of these trials, this initiative is likely to evolve into a national 5G ecosystem", she said. The main idea is to devise gross-revenue-based determinants of taxable profits, e.g. starting from the amount of advertising revenue generated by a platform from the UK. It is, however, probably in large part because of Value-Added Tax factors that the authorities are focusing now on the digital platforms. Investment in physical infrastructure is important, from transport and housing to the increasingly critical areas of artificial intelligence, blockchain, and other innovative technologies, where material efforts to continue to upgrade the UK's mobile phone and broadband networks would be widely welcomed as a start.
The next step will be more clearly defined proposals in this year's November Budget statement. "Many will be forced to hike up council tax".
"Therefore, whilst many might have expected news or announcements around proposed tax or public spending changes, these were not going to come about". Yet B2B sectors are certainly not excluded from its scope. The government has has stated its intention to adjust the tax system to give a fairer result for digital businesses. Views are invited, for example, on whether the United Kingdom should follow some other countries in prohibiting the use of cash altogether for exceptionally large payments. This issue is also meant to go to consultation.
He also talked about the implementation of a digital tax as a possible solution to ensure digital giants like Google and Facebook pay their fair share of tax.
The Chancellor also announced a review into how to eliminate late payments to small businesses.
The outlook there remains generally positive, however. And given his speech included stellar news for the economy and a few goodies for small businesses, it's easy to see why there was nearly something giddy about his presentation.
"Given that businesses across the United Kingdom have long complained about constant tinkering with tax rates, the Statement's lack of tax and spending changes is welcome - and not before time".
While borrowing is down, inflation is set to fall and employment is rising, the growth figures are muted with the OBR placing them at just 1.5 per cent in the years ahead; a prediction from the OECD watchdog was even gloomier, suggesting the rise in GDP would be 1.3 per cent this year and 1.1 per cent in 2019, placing the United Kingdom at the bottom of the G20 growth table. GDP is projected to grow within the range of 1.3% to 1.5% in every year of the current forecast period up to 2022.
BPIF chief executive Charles Jarrold said: "Overall, I think the government wants to encourage more uptake in training and that needs to be properly funded. Business rates are among the biggest costs for high street businesses and smaller firms".
Public borrowing is now forecast to fall to 0.9% of GDP by 2022/23.
"The update and progress report were broadly as expected".
Hammond highlighted a forecast budget deficit of £45.2bn for 2017-18 - £4.7bn lower than predicted by the OBR in November. "These forecasts are likely to be no less fallible than earlier ones and, despite an improving trend in public borrowing, the burden of debt in the United Kingdom is still at its highest in over 50 years".
Considering that Mexico is the third-highest Internet-dependent country in all of Latin America, this is big news. The project eventually moved beyond train stations, and also expanded to Indonesia in August past year .
Ford did not release many other details, but it's safe to expect to see the auto go on sale 2019 as a 2020-model-year Mustang . The F-150 will get more low-end torque for towing and a mobile generator, and utility vehicles will be able to conserve fuel.
She also fully intends to go on tour with Bruno Mars in September ... a whopping 2 months after giving birth to her first child. On Sunday, March 11, Cardi appeared at the iHeart Radio Music Awards, but she was noticeably missing from the red carpet.
Looking for a potential upset pick in the first round? No. 5 Ohio State returns to the Big Dance for the first time since 2015. Ohio State won the B1Gs again two weeks ago. "Penn State won it previous year and wrestled really well, " Snyder said.
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Florida school shooter Nikolas Cruz has pleaded not guilty to killing 17 people at his old school last month. He appeared in court Wednesday as students across the nation walked out of school to protest gun violence.
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Indian Export Subsidies Draw WTO Fire From US
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Vancouver out as potential 2026 World Cup host city
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Amber Alert issues for children missing from Markham
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Seven more flu-related deaths reported since last week
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UN Palestinian agency needs urgent funds by summer, chief says
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Plane loses diamonds, bars of gold and platinum near Yakutsk
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HSBC pay gap reveals men being paid twice as much as women
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