The Chancellor, Philip Hammond, delivered his last Budget before the UK leaves the European Union yesterday afternoon. He proclaimed several times during his speech that “the era of austerity is finally coming to an end” and he announced a £100bn package of public spending over the next five years as part of the largest giveaway Budget since 2010.
Other key points include an increase in the personal allowance and the higher rate tax band to £12,500 and £50,000 respectively a year earlier than planned and an increase in the Annual Investment Allowance for eligible capital expenditure to £1m for two years. In relation to Northern Ireland, a total of £350m was committed for a Belfast City Region Deal, negotiations to begin for a Derry/Londonderry City Region Deal and £2m earmarked for Belfast City centre to help deal with the fall-out of the Primark fire.
Click here to download the PKF-FPM UK Budget Summary 2018.
If you require assistance or have any queries on the matters raised in the budget please feel free to contact PKF-FPM Director firstname.lastname@example.org