Budget 2018: ‘Philip Hammond’s announcements not made with students in mind’

A new circulation 50p coin design from the Royal Mint highlighting a century since the passing of the Representation of the People Act when women over 30 were first given the right to vote along with servicemen over 19 and men over 21

"I see it as a perfectly natural end point to a fix job of the public finances", Mr Osborne said. "The scale would be very hard to predict, given the lack of precedent".

In April 2020 the United Kingdom will introduce the Digital Service tax, aimed at tech giants which earn at least £500 million a year in global revenues.

"Mr Hammond said it would put "£130 in the pocket of a typical basic rate taxpayer".

Chancellor Philip Hammond has announced a "digital services tax" which will apply only to technology giants that are profitable and generate at least £500 million a year in global revenues, which he hopes will raise £400 million.

An analysis Tuesday by the think-tank the Resolution Foundation found that welfare cuts would continue to affect the poorest households in Britain, despite Hammond's announcement that austerity was coming to an end.

The OBR's data is used as the basis for all income and expenditure figures and for all forecasts of economic performance and measures of the economy used in Hammond's Budget.

He told MPs: "Whatever the Chancellor claims today, austerity is not over".

Day-to-day public spending on the NHS is planned to rise by eight per cent between now and 2023-24.

While the health service in England is set to enjoy £20.5 billion higher spending by 2023/24, spending on most other departments will be "essentially flat" over the coming five years once inflation is taken into account, said Mr Johnson.

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They will meet executives to discuss Brexit and this week's annual Budget, which included spending pledges and higher taxes on technology firms.

The Income Tax threshold will rise from £11,850 to £12,500 from April 2019, while the threshold at which you people pay a higher rate of income tax will rise from £46,350 to £50,000.

Mr Bradley said: "I had two main asks of government to support Mansfield and I am pleased that the Chancellor has listened to us on both counts.

Unless the United Kingdom leaves the European Union in March 2019 without a deal, there must be a good chance that economic growth will turn out better than the OBR's forecasts suggest - the Chancellor's so-called "double deal dividend", says Ruth Gregory, an economist at Capital Economics.

However the Chancellor was also at pains to stress that major decisions on future spending will not be taken until the spending review next year by which time it is expected the outcome of the Brexit negotiations will be known.

But he said agreement with Brussels would result in a "deal dividend" for the economy.

While the improvement in the public finances has eased some of the pressure for tax increases, it is likely that the Chancellor may still have to find additional revenue from somewhere.

"We attribute the unexpectedly weak start this year to temporary factors, but they are still sufficient to lower real GDP growth for 2018 as a whole to 1.3 per cent from 1.5 per cent in March", says the OBR.

In response to the security threats facing the UK, Mr Hammond promised an extra £1 billion to the Ministry of Defence and £160 million to fund counter-terrorism policing. This means that the NHS will have an extra £2 billion a year to spend on mental health services.

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