The Chancellor said he would take “a balanced approach” to bear down on debt and keep taxes low. He also said the UK economy will grow faster this year than previously forecast and the deficit will be around £5 billion lower. But, according to the Office for Budget Responsibility (OBR), the overall economic and fiscal picture is “broadly the same”. The OBR also revised its growth projection in 2018 from 1.4% to 1.5% and lowered its forecast for borrowing in 2017-18 to £45.2 billion, from the £49.9 billion that was predicted in November.
Some of the consultations announced around tax included one to explore how online platforms can “help their users to pay the right amount of tax”, and a call for evidence on how to tax single-use plastics. The Treasury also published suggestions for how the UK government could tax large digital businesses, along with proposals to ensure that online companies pay value added tax owed.
The Chancellor also announced the Government has reached an agreement with local authorities to distribute funds from its £4.1 billion Housing Infrastructure Fund. |