UK economic growth has slowed over the past couple of years, but the latest news has been somewhat more positive on the back of a stronger global economy. The Office for Budget Responsibility (OBR) nudged up its 2018 GDP growth forecast from 1.4% to 1.5% to reflect this better international outlook, which is in line with our own latest growth projection for this year.
Jam tomorrow, not today, in the Chancellor’s Spring Statement
Blog by Andrew Sentance, PwC's Senior Economic Adviser. The first “Spring Statement” since the Budget was moved to the Autumn last year was a pretty dull affair. The Office for Budget Responsibility did not give the Chancellor much to work with. Economic growth was revised up very slightly this year, but the medium-term outlook is very subdued. UK economic growth is forecast to be 1.6 percent or below for the next five years. This compares with a long-run economic growth rate of just over 2 percent going back to the early 19th century.
Treasury’s updated digital economy position paper
On 13 March HM Treasury issued an updated position paper on Corporate tax and the digital economy based on feedback that HM Treasury has gathered from the responses to the consultation and interaction with businesses since the closure of the initial consultation period.
PwC comments on the OBR forecasts
John Hawksworth, chief economist at PwC, comments on the latest OBR forecasts for the UK economy and public finances announced in the Spring Statement.
Government inches towards another new tax on digital business
Stella Amiss, head of tax policy at PwC, comments on the taxation of digital businesses.
Gig economy users in taxman's sights and a missed opportunity on ring-fenced tax
Kevin Nicholson, head of tax at PwC, comments on the Chancellor’s Spring Statement.
PwC comments on Business rates, entrepreneurs relief & VAT
Comments from PwC's tax practice on the consultations announced in the Spring Statement.