The Chancellor is certainly in a tricky position as he prepares to deliver tomorrow's Budget statement. Facing difficult economic forecasts, Brexit uncertainty and demands from all sides, he has little room to manoeuvre. One small piece of good news is that borrowing is down and tax receipts are up. It looks like Britain has finally turned the corner on public debt, which should begin to fall next year. The Budget is set to include a significant package of announcements on housing, including building on public land, funding for local authorities to construct homes, confirming the Government's commitment to Help to Buy and possibly some reduction in stamp duty land tax for first-time buyers. Interestingly, one pre-Budget rumour not covered in this article is the possible reduction in the VAT threshold from its current level of £85,000 to £20,000.
UK chancellor Philip Hammond is under pressure from all sides as he prepares to deliver his second Budget.