The Budget: What to watch out for
The NHS and pensions tax relief are among five things expected to feature in Chancellor Philip Hammond’s statement.
Chancellor Philip Hammond sets out his Budget plans in the House of Commons on Monday.
Here are five things to look out for:
– The NHS. Theresa May has already announced a £20 billion-a-year increase for the NHS in England over the next five years, suggesting taxpayers will need to contribute a “bit more” to pay for it.
– Pensions tax relief. One target for the Chancellor as he looks to raise funds could be the tax breaks for pensions savings which benefit millions of middle and high earners.
– Universal Credit. Conservative MPs are also growing increasingly restive over the impending national roll-out of UC amid fears that some of their least well-off constituents could be plunged into real hardship.
– Digital tax. Mr Hammond has been talking tough about the need for internet giants like Facebook and Google to pay their “fair share” of tax in the UK.
– Defence. The Chancellor was involved in a series of clashes with Defence Secretary Gavin Williamson over funding levels for the armed forces, but recently things appear to have gone quiet on that front.
