Budget 2018: Five highlights from Philip Hammond's speech

Synopsis

In his speech, Mr. Deputy Speaker reports to the British people that their hard work is yielding results, marking the end of austerity. He announces that borrowing for the year is projected to be £11.6 billion lower than previously forecast, representing just 1.2% of GDP. This figure is set to decrease further in the coming years, with specific projections for 2019 through 2024. Mr. Deputy Speaker emphasizes the importance of protecting Britain's jobs and businesses while also releasing fiscal Headroom to support economic growth. He allocates an additional £1 billion to enhance the UK's cyber capabilities and anti-submarine warfare, ensuring the continuity of the Dreadnought program. Furthermore, he introduces a digital services tax aimed at profitable companies generating over £500 million in global revenues, ensuring the UK remains a prime location for tech startups and growth.