On Monday 29 October 2018 Philip Hammond delivered the last Budget before Brexit. So what exactly did the Chancellor say and, more importantly, what did it actually mean?
What was the message in the Chancellor's speech?
In his speech he delivered a positive message that ‘austerity is coming to an end - but discipline will remain’.
He also promised a ‘double deal dividend’ if the Brexit negotiations are successful but stated that there may be a full-scale Spring Budget in 2019 if not.
Encouraged by increased tax receipts and brighter news on the economy, the Chancellor made a number of announcements that perhaps demonstrated a loosening of the purse strings.
The Chancellor announced a number of tax changes and consultations. Tax savings for business are focused toward investment and innovation. For individuals, the promised increases in personal allowances and the higher rate threshold will take affect one year earlier than planned.
Budget 2018 summary
Our summary focuses on the tax measures which may affect you, your family and your business.
We have also included our own comments to help you assess the effects that the proposed changes may have on you personally or your business.
Some Budget proposals may be subject to amendment in the 2019 Spring Statement and subsequent Finance Act. You should contact us before taking any action as a result of the contents of this summary.