Philip Hammond the Chancellor of the Exchequer has delivered his 2018 Autumn Budget – his last budget before the UK exits the European Union. As the final leg of Brexit negotiations approaches, it was unclear if the chancellor was going to use the Budget as a tool to make some political or economic statements.
Mr Hammond was under pressure to generate confidence and to fulfil promises already made with regard to spending. Encouraged by increased tax revenue and positive economic forecasts, he made a few announcements that went a long way to pleasing those who had been calling for a generous budget.
As expected, the chancellor announced a host of tax changes in his 2018 Budget. Tax savings for business were directed towards investment and innovation. For individuals, the proposed improvement in personal allowances and higher rate tax threshold will come into effect earlier than was planned. Have a look at the video below for a summary of the main changes affecting businesses from the 2018 Budget announcement.