Spring Statement 2018 – how does it affect you? Everything you need to know
TODAY Chancellor Philip Hammond promised "light was at the end of the tunnel" as he updated the House of Commons on the health of the nation's finances.
In his first Spring Statement he avoided making any big changes to policies, instead announcing a series of consultations and reviews.
But he also dodged pleas from Tory MPs to reverse changes to the Universal Credit system.
The statement takes place of The Budget - which has moved to autumn.
Traditionally the Chancellor would make two big financial statements but Hammond changed the arrangement in 2016.
UK economy growing faster than expected
Its good news for our nations finances.
Hammond today revealed the Office for Budget Responsibility has upgraded its growth figures to 1.7 per cent in 2017 and 1.5 per cent this year - both higher than previously forecast in last November's Budget.
Still, the government is expected to borrow £45.2billion this year. Although, that's £5billion less than previously forecast.
But what does this mean for you? Well a healthy economy means two things - higher wages and lower unemployment.
It should also translate into increased spending on public services, such as the NHS and more money can be spent on protecting the environment and investing in new technology.
Wages could rise above inflation
In another boost for hard-pressed Brits, Hammond announced that inflation is forecast to fall this year.
This means that by the autumn real incomes will again be rising after two years where pay hikes lagged behind soaring prices in the shops.
Bad news for crisp fans (but good news for the environment)
The Chancellor also announced a new consultation into how to cut down on Britain's huge plastic waste pile.
That could lead to more tax slapped on chewing gum, crisp packets and takeaway boxes.
Other measures could include deposit schemes to help reduce littering and boost recycling.
The end of the £50 note, 1p and 2p coins
While the Chancellor swerved making any big announcements on today he did reveal plans for a review into the role of cash and digital payments.
The details were hidden in documents published on the Treasury's website.
It outlines how some countries have abolished their highest bank notes to help reduce money laundering.
It also claims that 500million 1p and 2p coins fall out of circulation every year.
As part of its review it could look at the possibility of scrapping or replacing the £50 note and low value coins.
Universal Credit
Today the Chancellor ignored pleas from Tory MPs to reverse changes to the Universal Credit system.
Universal Credit is a new benefit that is being rolled out across the UK, aimed at simplifying the welfare system.
It replaces different benefits like job seeker’s allowance or housing benefit with a single payment.
The Government had said that three million working households would see cash gains from Universal Credit.
But critics say that the poorest fifth of working households have barely benefited since the Tories came to power eight years ago.
Research by the Joseph Rowntree Foundation revealed that the poorer families are only £4 better off under the new system.
Thousands more affordable homes across the UK, including 27,000 in London
In today's Spring Statement the Chancellor promised that the capital would get an extra £1.67billion for 27,000 affordable homes over the next five years.
He also announced he would double financial support for small house builders to £220million.
READ MORE ON SPRING STATEMENT 2018
It could be good news for those looking to get on the housing ladder.
£80million boost for small businesses
He also announced new help for small businesses, including bringing forward a rates revaluation.
There was also an announcement on potential changes to a tax-break called Entrepreneurs' Relief (ER).
Tax break for van drivers who buy "clean" models
Van drivers Chancellor Philip Hammond revealed in his Spring Statement that vehicle excise duty (VED) rates would be reviewed for commercial motors.who buy the "cleanest" new models are likely to be offered cheaper road tax rates in the future.
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