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Chancellor Confirms 2018 Budget Date

Budget 2018 will take place on Monday 29 October, Chancellor Philip Hammond has confirmed.

In a post on Twitter, Hammond said he would set out a plan that would support public services and build a “stronger, more prosperous economy”.

Many will be looking to the Budget to reveal how the government plans to increase spending on the NHS, after Prime Minister Theresa May promised an extra £20 billion of annual funding by 2023.

Earlier this year, the Office for Budget Responsibility predicted this would require tax hikes and cuts to public spending which has prompted a raft of speculation.

According to the Daily Telegraph, this could include abolishing the dividend allowance, while the Daily Mail speculated that the pensions allowance could be reduced.

However, after the Office for National Statistics reported a £2 billion surplus in public sector borrowing in July, the Guardian predicted the Chancellor may be able to spend more on public services than previously thought.

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