{"id":5170,"date":"2018-10-29T19:04:17","date_gmt":"2018-10-29T19:04:17","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=5170"},"modified":"2018-10-29T19:13:48","modified_gmt":"2018-10-29T19:13:48","slug":"an-economy-that-works-for-everyone","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/an-economy-that-works-for-everyone\/","title":{"rendered":"\u201cAn economy that works for everyone\u201d"},"content":{"rendered":"

Sim Sekhon looks at the Chancellor\u2019s latest budget statement<\/p>\n

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The Government denies that the decision to shift the Budget from its normal Wednesday slot to a Monday afternoon was anything to do with Halloween, but this Budget was never going to be a howler. Following closely on from the Prime Minister\u2019s Party Conference message, which claimed that the end of austerity is in sight, stringent cuts in spending and tax hikes wouldn\u2019t fit the mood. Furthermore, Theresa May has already made the big announcements \u2013 like removing the cap that stops local authorities investing in social housing, for example.<\/p>\n

Having said that, Philip Hammond\u2019s job isn\u2019t an easy one. Finding the extra \u00a320 billion promised for the NHS at the same time as allowing the electorate to keep more of their income? Ending austerity, but still maintaining the freeze on benefits? The chancellor has promised \u201can economy that works for everyone\u201d and I\u2019ll admit to having reservations about whether this can be delivered. The deficit may be reducing, but we\u2019re not out of the woods yet. Although headlines are grabbed by the issue of a new 50 pence coin and the freezing of beer duty, the bigger picture is somewhat more complicated.<\/p>\n

And it\u2019s even more complicated because, with the devolution situation, tax-raising powers differ across the Union. The Scottish Government will be making its own plans for Income Tax public in its December budget. If that wasn\u2019t enough, should we end up with a no deal Brexit, all spending plans will, most likely, be up for review again. There are big issues, and big unknowns, but Philip Hammond has been tasked with delivering a spending plan that leaves no one feeling that hard times could be around the corner.<\/p>\n

Many will see this as a budget that tweaks things rather than shakes them up. Unless that is, you\u2019re a tech giant who shifts jurisdiction to avoid paying corporation tax, in which case you\u2019ve probably been making plans to deal with the latest announcement for years. The online shopping revolution has had a massive impact on the commercial sector. Today\u2019s announced Future High Streets programme will slowly see more residential use in currently underutilised commercial properties. Agencies who have a high street presence may also find some comfort in the announcement of changes to business rate relief.<\/p>\n

Announcements on housing were limited and there were no new measures specifically aimed at landlords or lettings agents. There is funding for the Housing Infrastructure Fund to further encourage housebuilding, and shared equity purchases of up to \u00a3500,000 will be exempt from stamp duty. Lettings relief against Capital Gains Tax is to be limited to those properties where the owner shares with the tenant.<\/p>\n

Overall Philip Hammond\u2019s message was upbeat. He had good news on the economy, good news on personal allowances, action on plastics and funding to support projects that many will welcome, but there were few real surprises. Perhaps the Property Rental Sector should be grateful we\u2019ve not been thrown yet another huge challenge.<\/p>\n

Summary of Budget 2018: Key points at-a-glance<\/h1>\n

Source: BBC News\u00a0https:\/\/www.bbc.co.uk\/news\/uk-politics-46017125<\/a><\/p>\n

Stamp duty and housing<\/h2>\n