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22

Nov 2017

Autumn Budget 2017

Earlier today Philip Hammond delivered his second Budget as chancellor. Here are the key points of his speech and the 2017 Autumn budget.

Property

  • First-time homebuyers will no longer have to pay stamp duty for properties of up to £300,000. The chancellor announces he is abolishing the charge from today.  It will also be available on the first £300,000 of the purchase price of properties up to £500,000.  The relief will not apply for purchases of properties worth over £500,000.
  • The chancellor says it "cannot be right" to leave properties empty "when so many are desperate for a place to live".  Local authorities will now have the power to charge a 100% council tax premium on empty properties.

Alcohol, tobacco, gambling and fuel

  • Tobacco tax will continue to rise at inflation plus 2% - that could see the cost of cigarettes rise by about 6%
  • Duty will rise on "cheap, high strength, low quality products – especially so-called white ciders". But recognising household budget pressures and backing pubs, duties on other ciders, wines, spirits and on beer will be frozen.
  • Fuel duty rise for petrol and diesel cars set for April has been cancelled

Personal taxation and wages

  • Tax free personal allowance rises to £11,850 in April 2018.  The higher rate of income tax-free allowance will now rise to £46,350.

Economy

  • Growth forecast for 2017 downgraded from 2% to 1.5%
  • 600,000 more people forecast to be in work by 2022
  • £3bn to be set aside over next two years to prepare for possible outcomes of the UK leaving the EU

Business

  • £500m support for 5G mobile networks, fibre broadband and artificial intelligence
  • Small business VAT threshold to remain at £85,000 for two years
  • £540m to support the growth of electric cars

Education and health (England only)

  • £40m teacher training fund for underperforming schools in England.
  • 8,000 new computer science teachers to be recruited costing £84m
  • Schools and colleges where pupils take maths or further maths at A-level or core maths will receive £600 per pupil at an expected cost of £177m
  • £2.8bn in extra funding for the NHS in England
  • The pressures of winter will be addressed with £350m available immediately, £1.6bn for 2018-19 and the remainder in 2019-20
  • £10bn capital investment fund for hospitals
  • £1.7bn transport fund for city regions to be spent by mayors

The budget in full can be found on the Government website 

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