Autumn Budget 2018 : Extra Money for the Chancellor?

33 people online!
June 25th 2022
Tax Week 12
try our free mobile apps!

Autumn Budget 2018 : Extra Money for the Chancellor?

Borrowing figures £8 billion less than previously forecast.

Between April and August 2018 borrowing was nearly £8 billion lower than the same period in 2017. Even with borrowing forecasts lowered, at a still massive £18 billion, the news is set to provide some hope for the upcoming UK Budget.

The lower than forecast borrowing means that, overall for the 2018/2019 fiscal period, £5 billion could be available for a restructured budget plan. It was thought that due to the increase made to NHS budgets, equivalent to annual £6 billion increase, either new taxes would be introduced or allowances and bands frozen to fund the shortfall.

The Prime Minister has already earmarked an extra £20 billion over 4 years for the NHS and the boon to the Treasury that the revised forecasts bring will only be able to fund two years of the budgetary burden. After 2020, frozen allowances, tax bands and removal of fuel duty freezes could still go ahead.

There are still some confirmed bits of bad news this month, such as the reversal on the promised removal of Class 2 NIC's for self employed people, this would have saved people £150 a year.

We are expecting the announcement of the Autumn Budget date soon - last year it was at the end of November, so it leaves the Chancellor another two months or so to continue working away at his spreadsheet. New taxes, specifically on sugary foods, could still be created to help increase Treasury receipts.

Jump to topic:
Browse Archives:

Help - find relevant tax tools and calculators - go back to top

Answer a few questions below and we will list relevant tax calculators and tools that can help you organise, budget and ultimately save you money!
are you an employee?