Wed, March 08, 2017
Philip Hammond guaranteed to lay the groundwork for a brighter future after our EU exit today as he put a major education shake-up and £2billion social care funding rise at the heart of his first Budget.
Main points:
Parents being given the right to set up grammar schools in a £320million education revolution hailed by Theresa May as her 'personal mission'.
A pledge to address the crisis in social care with a £2billion funding boost over three years - with £1billion frontloaded to 2017-18.
However, there is no significant new money for the NHS apart from £325million to push forward with modernisation plans and a £100million investment in 'triage' to ease the pressure on A&E.
Increases in duty on cigarettes to raise hundreds of millions of pounds, with minimum rates based on a pack price of £7.35.
The 'sugar tax' will be applied from April next year, with those with more than five grams of sugar per 100ml levied at 18p per litre and those with eight grams or more of sugar per 100ml 24p per litre
Hiking national insurance for millions of self-employed people by 2p in what critics have condemned as a 'tax raid'. Mr Hammond said it 'undermined fairness' that those in salaried jobs were currently paying more.
The respected OECD think-tank yesterday revised its estimates for growth this year up by 0.4 per cent to 1.6 per cent.
Meanwhile in the US, companies added jobs at a rocketing pace last month, employment in the private sector surged by 298,000 for the month, with goods producers adding 106,000. Construction jobs swelled by 66,000 and manufacturing added 32,000. The amount forecasted in the private sector was 190,000.
Data to look out for today.
12:30: GBP Spring Budget
13:15: USD ADP Employment
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| Day | Time | Currency | Event |
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| WED | 07:00 | EUR | EUR German Industrial Production s.a. (MoM) | WED | 07:00 | EUR | EUR German Industrial Production n.s.a. and w.d.a. (YoY) | WED | 12:00 | USD | USD MBA Mortgage Applications | WED | 12:30 | GBP | GBP U.K. Spring Budget | WED | 13:15 | USD | USD ADP Employment Change | WED | 13:30 | USD | USD Non-Farm Productivity | WED | 13:30 | USD | USD Unit Labor Costs | WED | 13:30 | USD | USD Revisions: Productivity and Costs | WED | 15:00 | USD | USD Wholesale Trade Sales (MoM) | WED | 15:00 | USD | USD Wholesale Inventories | WED | 15:30 | USD | USD DOE U.S. Distillate Inventory | WED | 15:30 | USD | USD DOE U.S. Gasoline Inventories | WED | 15:30 | USD | USD DOE U.S. Crude Oil Inventories | WED | 15:30 | USD | USD DOE Cushing OK Crude Inventory | WED | 18:00 | USD | USD U.S. to Sell 10-Year Notes Reopening |
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