As expected, there were no major announcements in today’s first ever Spring Statement.
The upbeat Chancellor, Philip Hammond, provided some positive OBR (Office for Budget Responsibility) forecasts and updates on the overall health of the economy and announced some of the progress made since Autumn Budget 2017. This included the announcement that the OBR has increased their forecast for GDP growth this year to 1.5%, following five consecutive years of growth.
Following the Autumn Budget 2017, where stamp duty land tax (SDLT) for first-time buyers of homes under £300,000 was abolished, today’s statement confirmed that an estimated 60,000 first-time buyers have benefitted so far. To read our full article on this, produced following the Autumn Budget, click here.
We will be keeping an eye on further releases and consultations, so please check back for other news and updates.