Chancellor Philip Hammond laid out his budget on Wednesday, focusing heavily on Brexit and aiming to alleviate the effect of a possible fall in economic growth as the UK prepares to leave the European Union.
Brexit
Hammond said the government “are determined to to ensure that the country is prepared for every possible outcome”.
Because of this, Britain is to set aside £3 billion for Brexit preparations over the next two years, on top of £700 million already invested.
Tech
Turning to investment in the technology sector, Hammond said that “Britain must be at the forefront of technological revolution”.
“Britain must invest and in this budget that is what we choose to do,” unlock over £20 billion British business bank seeded with
Start-up businesses
Ensuring that EIS is not used as a shelter for low risk capital preservation schemes.
National Productivity Investment Fund to be extended for a further year and expanded to more than £31 billion.
OBR figures
British productivity growth revised down by OBR.
The OBR forecasts the deficit to be 1.3% of GDP in 2020-21, giving £14.8bn of headroom against the 2% target.
Maths
Commitment to maths, 40 million to train maths teachers and extra money for schools who get pupils to take A Level maths.
Environment
Focusing on the eni extra funds and tax incentives for electric car drivers.
That includes a new £400m charging infrastructure fund, an extra £100m in Plug-In-Car Grant, and £40m for research into charging.
Wages
Increase targeted affordability funding, benefitting 400,000 people.
National wage living raising 4.3 percent to 7.83, with the largest increase in youth rates in 10 years. Pay rise for over 2 million low wage workers across the country. New rail card for people under 30.
Duties
Duties on most ciders, wines, beers and spirits to be frozen. Fuel duty rise for April cancelled. Tobacco tax will continue to rise at inflation plus 2%. That could see the cost of cigarettes rise by about 6%.
Tax
Higher rate of income tax free allowance rise to £46,350
Universal Credit
Commitment to fix Universal Credit Now onto the Universal Credit fix, or attempt to fix the worst problems – govt removing the 7 day waiting period, extending repayment period for advances, any claimant will get housing benefit for another 2 weeks – package to ease concerns is 1.5 billion
Small businesses
Further business rate relief. Annual uprating of business rates in April next year, bringing forward planned switch from RPI to CPI. Worth £2.6 billion to businesses in the next 2 years.
Housing market
Providing Kensington and Chelsea Council with a further £28 million for community space and local residence counselling.
100pc council tax premium on empty properties.
“House prices are too high. Rents absorb too much of monthly income”, says Hammond.
“Governments have failed to build enough homes to meet needs”.
Increased supply of homes by more than 1.1 million since 2010. Housebuilding stands are highest level since the crash.
£44 billion of capital funding to support housing market.
Additional £34 million to develop construction skills.
Announcement that stamp duty will be abolished for all first-time buyers on properties up to £300,000 and for the first £300,000 on purchases up to £500,000
