Search

Budget 2017: Main points of Chancellor Philip Hammond’s Budget

PUBLISHED: 20:48 08 March 2017 | UPDATED: 20:48 08 March 2017

Chancellor of the Exchequer Philip Hammond making his Budget statement to MPs in the House of Commons. Picture PA Wire.

Chancellor of the Exchequer Philip Hammond making his Budget statement to MPs in the House of Commons. Picture PA Wire.

Here is Chancellor Philip Hammond’s Budget at a glance:

Taxes

Higher paid self-employed workers are to pay an average of 60p a week more in National Insurance contributions as part of changes to raise an extra £145 million by 2021-22.

MORE: Sketch: Comedy Phil left Tories cheering and Corbyn seething

Social care

The crisis-hit social care system will have another £2 billion pumped into it over the next three years, with £1 billion of this available in 2017/18. Mr Hammond ruled out a new “death tax” to fund social care.

NHS

Hospitals will get £325 million to implement their sustainability and transformation plans and another £100 million will be put into a new triaging projects in England to help free up hospital beds.

MORE: ‘It sounds like a lot of money but doesn’t go far enough - experts give their view on £2bn cash boost for social care in government’s Budget

Business rates

A package of relief totalling £435 million was announced for small businesses. Firms losing small business rate relief will have their monthly increase capped at £50 for a year, some 90% of pubs will be given a £1,000 discount on business rates in 2017, and councils will be given a £300 million fund to deliver relief to small businesses.

MORE: Budget 2017: Business leaders sceptical about effects of £435m business rate relief package

Economy

The Office for Budget Responsibility has upgraded its growth forecasts for the UK economy this year from 1.4% to 2%, while public sector borrowing estimates have been slashed by billions of pounds and real wages will rise through to 2020. But Mr Hammond signalled there will be no end to austerity.

MORE: Promises of review into North Sea oil and gas production

Transport

Transport spending of £90 million for the North and £23 million for the Midlands was announced to address pinch points on roads, and a new £690 million competition for English councils to tackle urban congestion.

MORE: Budget 2017: Key points from Philip Hammond’s speech

Education

Another 110 new free schools will be opened, including a new generation of grammars. Free school transport will be given to children on free school meals who attend a grammar, and £216 million will go into repairing existing schools. New T-levels will be created to improve vocational education, the hours for technical training will be increased and new university-style maintenance loans will be available.

MORE: Reaction - What today’s Budget means for the region’s NHS

Cigarettes and alcohol

There was no change to previously planned upratings of duties on alcohol and tobacco, but a new minimum excise duty will be introduced on cigarettes based on a packet price of £7.35.

MORE: Budget 2017: From black holes to spreadsheets Philip Hammond’s best jokes from his budget speech

Related articles

Most Read

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Latest from the EDP

Show Job Lists

Partly Cloudy

Partly Cloudy

max temp: 21°C

min temp: 17°C

Listen to the latest weather forecast