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