Autumn Budget 2017 : Summary

The Chancellor Philip Hammond delivered his first Autumn Budget this afternoon shortly after 12:40. Here is a breakdown of the key statements and broken down by category.

• Tax

  • Personal allowance raised to £11,850 from £11,500 from April 2018.
  • Higher rate threshold raised from £33,500 to £34,500 from April 2018.
  • Plan 1 student loans (pre-September 2012) will deduct 9% over £18,330 from pay. Threshold rises by £555.
  • Plan 2 student loans (post-September 2012) will deduct 9% over £25,000 from pay. First rise in threshold for these loans. Threshold rises by £4,000.
  • Fuel duties, Air taxes to be frozen at current levels.
  • VAT threshold to remain at the current £85,000 level for the next two years before review.
  • Stamp duty removed altogether for first-time buyers purchasing property for worth less than £300,000. This raises to £500,000 in areas of higher demand. These changes are effective immediately.
  • Empty homes to be charged a 100 percent premium on council tax.
  • Tobacco duty to rise at 2% over RPI.
  • Alcohol duties to be frozen at current levels.
  • VED for diesel cars not at EU6 levels to rise one band from April 2018. Company diesel cars to rise by 1%. Van drivers are exempted.

Business and Economy

• GDP forecasts revised down. 1.5% from previously announced 2%.
• Inflation to fall to 2% from the end of the year.
• 600,000 extra jobs to be created within 5 years.
• Brexit to cost £3 billion in planning costs over next two years.
• Borrowing to peak next year at just over £40 billion - as will debt.
• Fresh investment for tech companies.
• Scottish police and fire services to receive long contested VAT refund next year.
• NHS to receive extra £2.8 billion funding.

Housing

• Stamp duty to be abolished (See tax section).
• 300,000 new homes to be built by the middle of the next decade.

Welfare

• £350 million set aside for extra winter funding for the vulnerable this winter - with over £1.5 billion for the next two years.
• Waiting times to be removed for Universal Credit applicants.
• Housing benefit continued for two weeks for new Universal Credit claimants.

Education

• GCSE Computer Science to receive £84 million in funding - equivalent to over 8,000 teachers.
• Teacher training funds to be extended by £40 million.
• Secondary schools to receive £600 extra for each pupil taking maths as GCSE or A-Level.

We are now updating all of our calculators and tools. We will also have an updated Budget 2017 Calculator available at our sister site shortly.

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