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