Chancellor threatens new tech tax

Chancellor to launch consultation on plastics tax

Philip Hammond yesterday cleared the way for an NHS giveaway in the Autumn Budget as he signalled he could be ready to loosen the purse strings within months.

As a result, private debt now amounts to 170% of GDP, providing a far bigger drag on the economy than the much anxious about public debt, which stands at 85%."Despite Philip Hammond's cheerier outlook, there is no "light at the end of the tunnel" for families across the country".

Chancellor Philip Hammond has revealed what shape the United Kingdom economy is in a year out from Brexit. True indicators are people being treated in hospital corridors & foodbank use shooting up.

And after the Chancellor compared Labour to gloomy cartoon character Eeyore and himself to the more optimistic Tigger, shadow communities secretary Andrew Gwynne joked that Mr Hammond was "talking Pooh".

This Government is determined that our generation should leave the natural environment in a better state than we found it, and improve the air we breathe. The consultation will remain open until 5 June 2018.

"The current misalignment between where digital businesses are taxed and where they create value threatens to undermine the fairness, sustainability and public acceptability of the corporate tax system", he said.

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The next revaluation for business rates has been brought forward to 2021, after which the Government will move to revaluations every three years, the Chancellor said.

Mr Hammond said that review would be used to allocate the money to different services in 2020-21 and beyond. The statement is also expected to cover the UK's productivity which will be interesting given that the International Monetary Fund (IMF) recently stated that the United Kingdom must boost its productivity.

Furthermore, the government has said that it is working with 44 areas which have submitted bids to the Housing Infrastructure fund, to make sure that only those homes that are needed are being built. Either way, Hammond delivered a fine political speech.

Mr Hammond said he hoped this weekend's forthcoming summit of the G20 developed nations in Argentina would help to set out some concrete steps for achieving that.

Hammond's Treasury deputy Liz Truss said there would be "no red box, no rabbits out of the hat and no tax changes". Hammond's comment that "we [the Conservatives] are the party of small businesses" and of entrepreneurs is a case in point.

He said the country could not risk allowing Labour to derail progress and cautioned: "We are not out of the tunnel yet".

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