Chancellor confirms 2018 Budget date

Budget 2018 will take place on Monday 29 October, Chancellor Philip Hammond has confirmed.

In a post on Twitter, Hammond said he would set out a plan that would support public services and build a "stronger, more prosperous economy".

Many will be looking to the Budget to reveal how the government plans to increase spending on the NHS, after Prime Minister Theresa May promised an extra £20 billion of annual funding by 2023.

Earlier this year, the Office for Budget Responsibility predicted this would require tax hikes and cuts to public spending which has prompted a raft of speculation.

According to the Daily Telegraph, this could include abolishing the dividend allowance, while the Daily Mail speculated that the pensions allowance could be reduced.

However, after the Office for National Statistics reported a £2 billion surplus in public sector borrowing in July, the Guardian predicted the Chancellor may be able to spend more on public services than previously thought.

Contact us to discuss your finances.

Disclaimer

The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.

What Next?