Everything you need to know about the Budget in five minutes
PUBLISHED: 16:23 22 November 2017 | UPDATED: 16:29 22 November 2017
Chancellor Philip Hammond unveiled his Budget promising to invest in technology, provide further funding for devolved authorities, business and the NHS and to continue restoring the public finances.
Here are the main announcements at a glance:
• The Chancellor is setting aside £3 billion over the next two years for Brexit preparations and stands ready to allocate further sums if and when needed.
• The OBR expects debt to peak this year and then gradually fall as a share of GDP, Mr Hammond said this was a “turning point in our recovery”.
• Investment of £500 million in a range of technological initiatives ranging from artificial intelligence, to 5G and full fibre broadband.
• Support for electric vehicles through the establishment of a new £400 million charging infrastructure fund, an extra £100 million in plug-in-car grant, and £40 million for charging R&D.
• Some £40 million will be made available to train maths teachers and the number of trained computer science teachers will be tripled to 12,000.
• New £1.7 billion Transforming Cities Fund to give elected mayors the “fire power” to deliver local priorities. Decisions taken in this Budget also mean £2 billion more for the Scottish Government, £1.2 billion more for the Welsh Government and over £650 million more for a Northern Ireland executive.
• Reforms to Universal Credit to remove the seven-day waiting period so entitlement starts on the day of the claim and to ensure that any household needing an advance can access a full month’s payment within five days of applying.
• National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.
• Income tax-free personal allowance to rise to £11,850 and higher rate threshold to £46,350 in April 2018, leaving the typical basic rate tax payer £1,075 a year better off compared to 2010.
• Tobacco duty escalator to continue at inflation plus 2%, with an additional 1% duty on hand rolling tobacco this year. Legislation to increase duty on high-strength low-quality alcohol from 2019, but duties on other ciders, wines, spirits and on beer to be frozen.
• Cancellation of fuel duty rise for both petrol and diesel which had been scheduled for April.
• Additional commitment of £2.8 billion to the NHS in England, £350 million to be provided immediately to allow trusts to plan for this winter and £1.6 billion in 2018/19, with the balance in 2019/20.
• Income tax to be applied from April 2019 on digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction, raising about £200 million a year.
• At least £44 billion of capital funding, loans and guarantees over five years to support house-building and deliver 300,000 new homes a year.
• Abolition of stamp duty for all first-time buyer home purchases up to £300,000.
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