Spring Statement: Hammond announces 27000 new affordable homes in London

14 March, 2018, 00:33 | Author: Natasha Holloway
  • You could be taxed if you spit chewing gum out in the street

If the OBR's forecasts prove accurate, another five-year run of low growth is already under way.

That's up from a November forecast of 1.2% but it would still see the United Kingdom lagging behind all other G20 countries.

Mr Hammond has refused to increase spending for now, warning that Britain still faces a sky-high debt burden - but today suggested he will ease austerity at the next Budget this autumn.

On business rates, he said a revaluation has been brought forward to 2021, after which the government will move to revaluations every three years.

Back then, the big news was that the OBR had slashed its estimate of the UK's long-term growth potential as a result of the flat-lining of productivity since the financial crisis a decade ago. As a result, private debt now amounts to 170% of GDP, providing a far bigger drag on the economy than the much anxious about public debt, which stands at 85%."Despite Philip Hammond's cheerier outlook, there is no "light at the end of the tunnel" for families across the country".

Rejecting his label as an "Eeyore", he told the Commons that "I am positively Tigger-like today" - but the forecasts show little sign of a major bounce in the economy.

"The Chancellor has kept his word and made very few policy changes in today's Spring Statement, choosing instead to wait until the Autumn Budget to assess whether he can ease the fiscal consolidation", Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, commented, as quoted by Proactive Investors.

In his Spring Statement, the chancellor of the exchequer said a consultation looking at the duty paid by vans would be launched to try to increase the use of less-polluting vehicles.

Hammond said the OBR was predicting GDP to grow by just 1.5% this year, followed by just 1.3% in 2019.

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Mr Hammond claimed the Government is "delivering on our plan" and will "build our vision of a country that works for everyone" and "a country we can all be proud to pass on to our children".

A deal had been agreed with the West Midlands to deliver 215,000 homes by 2030-31, facilitated by a £100 million grant from the land remediation fund.

Chancellor Philip Hammond has announced that London will receive £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22.

Mr Hammond said that review would be used to allocate the money to different services in 2020-21 and beyond.

He also pledged to help local councils boost housebuilding in a bid to make it easier for young people to buy their own home, as well as providing cash for regional transport infrastructure.

"The growth predicted in the hard period up to Brexit was encouraging, as was the £80m for small businesses via the Apprenticeship Levy to help them overcome the complexity of the system".

The Chancellor also informed MPs that around 60,000 first time buyers have benefited from the stamp duty relief he announced in the Autumn Budget.

Chancellor Philip Hammond set out his vision of an "outward-looking, free-trading nation, one that is confident that our best days lie ahead of us".

Mr Hammond concluded his speech at 12.58pm.



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