Posted: 15/03/2018

Spring Statement addresses business rates and plastic waste

Philip Hammond Spring Statement
Chancellor Philip Hammond delivered the 2018 Spring Statement on 13th March

A business rates review, an investigation into the decline of cash payments and a consultation on plastics were all addressed by Chancellor Philip Hammond in his Spring Statement to parliament on Tuesday.

Hammond announced that the next business rates revaluation will be brought forward by a year to 2021, as the Government looks to carry out reviews more frequently.

The Spring Statement also featured the announcement of a public consultation on cash and digital payments and the impact of these changes in the use of payment methods on businesses and consumers.

After the Government shied away from implementing a proposed 25p Latte Levy on disposable coffee cups last week, Hammond instead launched a call for evidence on a plastics tax.

The consultation will examine how taxes and economic incentives might alter the supply chain – from processes of manufacturers through to retailers and consumer behaviour.

A new £20m fund was also announced, aimed at businesses and universities looking to develop solutions for tackling plastic waste.

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