Spring Budget 2017: Budget statement to address Brexit effect and to impact business rates

The economic forecasts released by the UK government before and after the referendum, are astounding in how much they have changed: from an optimistic positive outlook quoted by George Osborn, to a more bleak negative picture for the next five years. Uncertainty playing a major part has led to the outcome of more borrowing for the UK government in order to cover the worst case scenario of lower valued tax receipts in the future.

With the Spring statement being the first and last one this April (there will only be an Autumn statement from here onwards), the Chancellor is expected to address certain issues that must be improved including the likes of British spending power and productivity being that Britain are lagging in comparison to other countries.

With Business rate increases looming around the corner, there have been complaints from those who are going to be hit hardest (SMEs and those who own businesses in London) which is seen as unfair, the chancellor is also expected to form a better proposal to suit these companies and allow them to continue growth and investment as opposed to increasing their expenditure on costs.

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