The Chancellor of the Exchequer, Rt Hon Philip Hammond MP, presented the 2018 Budget on 29th October. The Budget sets out the Government’s plans for the British economy.
Overall, the Chancellor stated that this Budget seeks to favour hard-working families after the period of austerity. The Chancellor reported that the economy continues to grow, and the Office for Budget Responsibility (OBR) forecasts 800,000 more jobs by 2022, while unemployment is at its lowest rate since 1975. GDP is expected to grow in 2019.
Regarding Brexit, the Government reports that it is confident of getting a good deal. However, a further £1.5 billion has been allocated to prepare for the ‘unlikely event’ of a ‘no deal scenario’, with an additional £500 million allocated for 2019-20.
DCMS funding will remain stable at £1.5bn over the next two years.
The Heritage Alliance particularly welcomes the launch of the Future High Streets Fund (£675 million), which will include £55 million for heritage-based regeneration, restoring historic high streets to boost retail and bringing properties back into use as homes, offices and cultural venues.
Heritage-related items of note include:
• The Government’s commitment to fund £120 million towards the UK Festival of Innovation and Creativity. The Festival will deliver a programme of events on arts, culture, design and tech across the country, and will help attract new inward investment;
• The Government’s commitment to invest £8.5 million in Coventry City of Culture 2021;
• The Government’s commitment to provide support for local communities for the First World War and Holocaust commemoration (£1.7 million).
Read about other provisions that will or may affect the heritage sector in our Autumn Budget 2018 summary.