{"id":96936,"date":"2018-10-29T14:40:11","date_gmt":"2018-10-29T14:40:11","guid":{"rendered":"http:\/\/www.bnreport.com\/budget-2018-live-hammond-to-hike-taxes-and-end-austerity-as-he-reveals-brexit-back-up\/"},"modified":"2018-10-29T14:40:11","modified_gmt":"2018-10-29T14:40:11","slug":"budget-2018-live-hammond-to-hike-taxes-and-end-austerity-as-he-reveals-brexit-back-up","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/budget-2018-live-hammond-to-hike-taxes-and-end-austerity-as-he-reveals-brexit-back-up\/","title":{"rendered":"Budget 2018 LIVE: Hammond to hike taxes and &#8216;end austerity&#8217; as he reveals Brexit back-up"},"content":{"rendered":"<p>Hammond will today unveil his economic plan for Britain amid uncertainty over the fate of Brexit and mounting pressure to end almost a decade of austerity.<\/p>\n<p>With Brexit less than five months away, Hammond admitted he would need a \u201cdifferent\u201d economic strategy altogether in the event a deal cannot be struck with the EU.<\/p>\n<p>The chancellor is nevertheless expected to partly deliver on Prime Minister Theresa Mays pledge to increase public spending to show the British public \u201ctheir hard work has paid off\u201d.<\/p>\n<p>More funds for Universal Credit welfare reforms and a \u00a32billion cash injection for mental health services are among the spending promised expected to be announced in the budget, which starts at 3:30pm. <\/p>\n<p>To fund these spending pledges, Hammond is expected to raise funds in the form of tax increases that could prove politically unpopular.&lt;\/span&gt;&lt;\/span&gt;<\/p>\n<p>\n        <img decoding=\"async\" src=\"https:\/\/cdn.images.dailystar.co.uk\/dynamic\/205\/photos\/407000\/620x\/budget-2018-live-today-updates-739313.jpg?r=5bd6fbd0456a4\" alt=\"budget 2018 live today updates\"\/><\/p>\n<p>            AUTUMN BUDGET: Philip Hammond will outline his plan for the UK economy today (Pic: GETTY)<\/p>\n<p>Duty on fuel, alcohol and tobacco \u2013 the so-called \u201csin taxes\u201d \u2013 have historically been low-hanging fruit for chancellors looking to raise funds for the public coffers.<\/p>\n<p>\u201cIt would be reasonable to expect <a href=\"https:\/\/www.dailystar.co.uk\/news\/politics\/739192\/cigarettes-uk-price-duty-how-much-tobacco-autumn-budget-hammond\" rel=\"noreferrer\" target=\"_blank\">cigarette tax<\/a> to go up,\u201d Steve Webb, former government minister, told Daily Star Online. <\/p>\n<p>Hammond is also reportedly planning to hike national insurance contributions for self-employed workers, potentially punishing thousands of people set up as private companies.<\/p>\n<p>He believes the treasury could be missing up to \u00a31.2bn a year by 2023 as a result of people paying tax as if they were self-employed, The Sun reported.<\/p>\n<p>However, if Britain cant agree a Brexit deal with Brussels, Hammond has said his financial plans will be scrapped and an emergency budget called.<\/p>\n<p>&quot;If we don&#039;t get a deal \u2026 we would need to take a different approach to the future of Britain&#039;s economy,&quot; he said.&lt;\/span&gt;<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.images.dailystar.co.uk\/img\/static\/preloaderbig.gif\" alt=\"philip hammond\"\/>\n    <\/p>\n<p>            SPREADSHEET PHIL: Hammond said a no-deal Brexit would result in a new budget (Pic: GETTY)<\/p>\n<p><strong>Theresa May &#039;tears up Hammonds Brexit plan&#039;<\/strong><\/p>\n<p>Theresa May appears to have scuppered Hammonds plan for Brexit just hours before his budget.<\/p>\n<p>The PM intends to go ahead with all spending commitments made in the budget \u201cirrespective of a Brexit deal\u201d, according to a briefing at Downing Street this morning.<\/p>\n<p>That position directly contradicts Hammond, who said on Sunday he would need to adopt a \u201cdifferent\u201d in a no-deal scenario.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.images.dailystar.co.uk\/img\/static\/preloaderbig.gif\" alt=\"cigarettes\"\/>\n    <\/p>\n<p>            STEEP: Britain is one of the most expensive places in the world to smoke (Pic: GETTY)<\/p>\n<p><strong>Tax on fuel, alcohol and fags<\/strong><\/p>\n<p>Steve Webb, who served as pensions minister in the coalition government of David Cameron, expects tobacco and alcohol duty to be hiked in the budget. <\/p>\n<p>He believes they are likely to be raised in line or above inflation \u2013 currently 2.4% as of September.<\/p>\n<p>In last years budget, Hammond hiked tobacco duty at the rate of inflation \u2013 at the time 3% \u2013 plus a further 2%, punishing Britains estimated 7.5 million smokers.<\/p>\n<p>If alcohol goes up in line with retail prices index \u2013 currently 3.4% \u2013 as it typically does, an extra 2p will be added to a pint of beer.<\/p>\n<p>    Related articles<\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hammond will today unveil his economic plan for Britain amid uncertainty over the fate of Brexit and..<\/p>\n","protected":false},"author":1,"featured_media":96937,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-96936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2018 LIVE: Hammond to hike taxes and &#039;end austerity&#039; 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