Economy

Spring statement 2018: the chancellor's key points at a glance

Spring statement 2018: the chancellor's key points at a glance”

Meanwhile, think-tank OECD has raised its growth forecast for the United Kingdom economy to 1.3 per cent in 2018 from a previous estimate of 1.2 per cent.

Mr Hammond is expected to speak for less than half an hour.

He also announced estimates from the Office for Budget Responsibility that jobs growth would continue.

Chancellor of the Exchequer Philip Hammond is tomorrow (13 March) set to announce a public consultation on the use of the tax system to reduce the use of single-use plastics, along with a £20-million innovation fund to help businesses and universities develop alternatives to the problem material.

He is expected to reveal that tax receipts are covering day-to-day government spending for the first time since the 2008 financial crisis.

"Forecast growth is then unchanged at 1.3% in 2019 and 2020, before picking up to 1.4% in 21 and 1.5% in 2022".

The improved outlook for growth means the government will borrow less by the early years of the next decade than previously forecast, Hammond said.

John McDonnell
Labour’s John Mc Donnell has called on the Chancellor to announce the end of austerity

"That is a very important moment for us but we are still in the tunnel at the moment".

Labour's shadow chancellor John McDonnell said: "Today the chancellor has a choice".

At the weekend Hammond said: "Single-use plastics waste is a scourge to our environment".

At the Autumn Statement the OBR predicted public sector net borrowing of £49.9bn for the 2017-18 fiscal year, significantly lower than the £58.3bn borrowing for the year to April expected only a year ago.

Mr Streeter told the Commons yesterday that the Government has an "opportunity" to be "more generous with efficient local authorities".

Tory Brexiteer John Redwood has also argued that the chancellor can afford to borrow to invest in schools, defence and the NHS, and "start to think about how we spend that Brexit bonus that comes as soon as we stop sending so much money to the European Union as contributions".



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