Chancellor Philip Hammond’s third Budget was the first to be delivered on a Monday since 1962 and the last before the UK leaves the EU in March 2019, and comes during an impasse in the negotiations between the UK and the EU27.

Mr Hammond declared, “austerity is coming to an end but discipline will remain” as he sought to set out some dividing lines with Labour’s “tax and spend” policy suite.

However, much will depend on the ability of the Prime Minister to deliver a positive and orderly exit agreement with the EU27 and the Chancellor confirmed he was holding back some “fiscal” headroom in case plans needed to be altered in the case of no-deal Brexit. This briefing paper provides an overview and analysis of the key announcements made in the Budget 2018.

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