Hammond takes centre stage to deliver Spring Statement

Hammond takes centre stage to deliver Spring Statement

The Chancellor will use his first Spring Statement on Tuesday to call for evidence on how to reduce damaging waste, and the new plastic innovation fund, which is also expected to be announced on Tuesday, say Sky News, is expected to be one of the few spending policies in his statement.

Mr Hammond said there had been "solid progress towards building an economy that works for everyone" with growth every year since 2010.

He also said the government was considering new taxes on single-use plastic and on the profits of tech giants like Facebook and Google.

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

He also said the Department for Education would release up to £80 million to help small businesses with the apprenticeship levy.

The UK government will negotiate a Brexit that delivers prosperity and jobs, Hammond said.

The UK economy will grow faster this year than previously forecast and the deficit will be lower.

The debt forecast is almost 1% lower than in November, Mr Hammond said.

He said: "I remind the House that the party opposite voted against it".

He added that there will be more pay for NHS employees if Management and workers agree on a deal.

Forecast growth for 2019 and 2020 is unchanged at 1.3 per cent, but growth in 2021 and 2022 is revised down by 0.1 per cent to 1.4 per cent and 1.5 per cent respectively.

The chancellor will reveal figures from the independent Office for Budget Responsibility on the state of the nation's finances and economic performance.

"Today's brief address will likely see the first full analysis of Brexit's impact on United Kingdom public finances, good news in terms of lower public borrowing and economic growth higher (but not necessarily an end to austerity), as well as announcement of a range of consultations on issues such as tax for small businesses, inheritance tax for individuals and a levy on "single use" plastics", said Accendo Markets analysts Mike van Dulken & Henry Croft.

Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street to deliver his half-yearly update on the public finances, in London, March 13, 2018.

Those forecasts, based on the assumption that Britain would stay in the European Union, saw growth of above 2 percent for each year between 2018 and 2021.

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