Philip Hammond has played down the significance of the spring budget and denied he plans to surprise parliament with big spending plans or tax reforms. In March last year the OBR forecast 2017 growth at 2.2%. The spending shortfall could be as much as £12bn less than previously feared, reducing the forecast budget deficit for 2016-17 from £68bn to about £56bn. Skills and trainingIn the autumn statement last November, Hammond said he wanted to rebalance spending towards long-term infrastructure projects. Self-employmentIn recent years self-employment has become synonymous with low pay and insecure employment, driven by firms seeking to cut their tax bills.

Source: The Guardian March 08, 2017 06:33 UTC