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Chancellor Philip Hammond to unveil spring statement

Chancellor Philip Hammond to unveil spring statement

The Chancellor will use his first Spring Statement on Tuesday to call for evidence on how to reduce damaging waste, and the new plastic innovation fund, which is also expected to be announced on Tuesday, say Sky News, is expected to be one of the few spending policies in his statement.

He also said the government was considering new taxes on single-use plastic and on the profits of tech giants like Facebook and Google.

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".

Mr Hammond said he was inviting cities across England to bid for a share of £840 million to deliver on "local transport priorities".

Hammond said the education secretary will release up to £80m to help small firms take on apprentices.

He said "substantial progress" has been made in Brexit talks.

The debt forecast is almost 1% lower than in November, Mr Hammond said.




On housing, he said there is an investment programme of £44bn.

Philip Hammond has kicked off its Spring Statement by saying the United Kingdom was the only major economy to make major tax changes twice a year. He insisted he had committed £60bn to public spending, with £4bn going into the NHS in 2018/19 alone, praising staff for their work during the recent winter crisis.

At the Spring Statement, the Chancellor Philip Hammond revealed that the Office for Budget Responsibility forecast GDP growth would be 1.5 per cent this year, up from the 1.4 per cent previously expected.

"Forecast growth is then unchanged at 1.3% in 2019 and 2020, before picking up to 1.4% in 21 and 1.5% in 2022". However, it left its prediction for United Kingdom growth in 2019 unchanged at 1.1 per cent.

Forecasts for growth are expected to be revised up, while borrowing forecasts are expected to be revised down. Those looking for any major spending or policy announcements will be left disappointed.

Chancellor Philip Hammond has announced that London will receive £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22.

But he will resist calls from Labour and some Tories to use the extra cash from tax receipts to ease the spending squeeze they say is pushing the public sector to breaking point.


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