Philip Hammond delivered his Spring Statement on Tuesday 13 March. There was no red briefcase, no red book, and no tax changes as he delivered the statement in a speech lasting less than half the length of any of his previous statements.
The chancellor unveiled the latest economic forecasts alongside a raft of consultations.
Upcoming changes from April 2018
From 6 April 2018, the minimum employer contribution towards an employee’s workplace pension will increase from 1% to 2%. These contributions are usually mandatory for workers aged between 22 and state pension age earning more than £10,000 a year. For more information see page 10 of our guide here.
National Living Wage & National Minimum Wage
National minimum wage rates for all ages and apprentices are increasing from 1 April 2018. For 18 to 20 year olds and 21 to 24 year olds it will be the largest increase in a decade. For more information see page 10 of our guide here.
Click here to read our guide for full details on all of the announcements.
The information in this article should not be regarded as financial advice. This is based on our understanding in March 2018. Laws and tax rules may change in the future.