By Andrew Goldstone, Partner, and Victoria Howarth, Managing Associate, Professional Support Lawyer
The Chancellor repeated several times in his Budget today that austerity is coming to an end. He spoke of a strong economy and the UK's new future outside the EU, saying that a deal with the EU was a "when", not an "if". The Chancellor restated from previous Budgets that "Britain is open for business", covering a range of measures to back British businesses to "invest and grow" and ended with a patriotic flourish, praising the indomitable spirit of the British people, building a Britain we can all be proud of.
A pledge to deliver on promised £12,500 basic and £50,000 higher rate income tax thresholds a year early in April 2019 will be expensive for the Government, but no doubt popular. A new tax on digital platforms for "established tech giants" from April 2020 and cuts of a third to business rates on the high street reflect wider calls for fairness in global and retail taxation respectively.
READ MORE: www.mishcon.com/news/briefings/budget-2018
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