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.
- 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.
- 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.
- Stamp duty to be abolished (See tax section).
- 300,000 new homes to be built by the middle of the next decade.
- £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.
- 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.
Business and Economy
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