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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.

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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

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4 comments

  • Together with a short term fix for the immediate issues in the NHS should have been an announcement of a root and branch reorganisation of the NHS moving it away from a free for all at the point of use to a mixed funded model such as is the case in Switzerland. Various "benefits" need to be reviewed and all universal benefits moved to be means tested. In addition there is a very great deal of Socialist legislation that should be removed as an angling programming and some form of ' Workfare' really is needed to get the can work but won't work shower off their backsides and doing any work they are capable of doing instead of living free from the money being taken from hard working tax payers. There's a lot of things that need to be done to roll back the pollution of Socialism from UK society and restore discipline into the lower strata of the population.

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    koenig

    Thursday, March 9, 2017

  • Holiday pay is not paid by the government. It is an arrangement between employer and employees. The self employed should have a business model that takes account of taking time off for a holiday, paying insurance for absence caused by sickness, injury etc. It is rather a pity though Hammond did not tackle the loss of taxation from the self employed who pay less tax than they should do by not putting everything through the books or by way of creative accountancy. These changes will only affect 40% of all self employed people and the average increase is 60p a week. Many self employed will find themselves paying less after these changes come in. But with many in the media being self employed they will ensure the matter is given as much publicity as possible.

    Report this comment

    Hereandthere

    Thursday, March 9, 2017

  • DB101- the manifesto pledge was not to raise NICS for employed not self employed.

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    Nakita Ponnly

    Wednesday, March 8, 2017

  • The higher paid self employed? So when does higher pay mean just over £16,000? The self employed are already precarious, no holiday pay, no sick pay, no maternity rights. I suppose the manifesto pledge, and the promises of Cameron and others, that the national insurance conributions will not rise will be explained away in the usual manner.

    Report this comment

    Davidbrian552

    Wednesday, March 8, 2017

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