Philip Hammond will present his budget to the House of Commons today, his first since the Conservative Party marginally retained power in
Philip Hammond will present his budget to the House of Commons today, his first since the Conservative Party marginally retained power in general elections earlier this year.
Amid low productivity, limits on government spending and slowing economic growth—Britain’s economy grew by just 1% through the first nine months of the year—today’s budget will be a hard sell.
Despite these restrictions, Hammond plans to alleviate that pressure by announcing plans to build 300,000 more houses a year, alleviating pressure on the property market. Such a policy would be particularly popular with Britain’s youth, who are finding it increasingly difficult to buy a first home.
The budget will also signal Britain’s intent on leading the “next industrial revolution” by embracing innovative technologies. Expect upward of £500 million to be announced for artificial intelligence, electric car charging ports, clean car purchases and 5G networks across the UK.
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