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Budget 2017: 'No complacency' ahead of Brexit Budget 2017: 'No complacency' ahead of Brexit
(35 minutes later)
Chancellor Philip Hammond said there was "no room for complacency" despite improved economic forecasts as he delivered his first Budget.Chancellor Philip Hammond said there was "no room for complacency" despite improved economic forecasts as he delivered his first Budget.
Mr Hammond promised to give the UK a "strong and stable platform" for its Brexit negotiations . Mr Hammond promised to give the UK a "strong and stable platform" for its Brexit negotiations.
He unveiled forecasts for higher growth and lower borrowing but said the UK's deficit was still high, and productivity "stubbornly low".He unveiled forecasts for higher growth and lower borrowing but said the UK's deficit was still high, and productivity "stubbornly low".
Labour is demanding a break from the Tories' "failed economic policies".Labour is demanding a break from the Tories' "failed economic policies".
Extra money is expected for social care in England and to help firms facing steep business rate rises.
It is expected to be the last Budget before the UK formally gives notice of its departure from the EU.It is expected to be the last Budget before the UK formally gives notice of its departure from the EU.
Opening his statement, Mr Hammond said the UK economy "continued to confound the commentators with robust growth".Opening his statement, Mr Hammond said the UK economy "continued to confound the commentators with robust growth".
He said the Office for Budget Responsibility had revised up its growth forecasts from 1.4% to 2% for the current year, and that borrowing would be £16.8bn lower. He said the Office for Budget Responsibility had revised up its growth forecasts from 1.4% to 2% for 2017, and that borrowing would be £16.8bn lower than previously forecast.
Several spending announcements were made ahead of Mr Hammond's Commons statement.Several spending announcements were made ahead of Mr Hammond's Commons statement.
These include:These include:
Mr Hammond had been under pressure, including from Conservative MPs, to announce help for businesses facing rates rises as a result of a revaluation.
He announced a £300m "discretionary fund" to be used by councils to help companies that are badly hit, and a £50-per-month cap on increases for firms facing the loss of small business relief.
In a further measure, he said 90% of pubs would be given a £1,000 business rates discount.
The chancellor also announced an increase in National Insurance rates for self-employed people, saying the disparity with the amount paid by employees "undermines the fairness of our tax system".
Class 4 National Insurance contributions will go up by 1% to 10% and by a further 1% in April 2019, he told MPs.
Other announcements include:
In the build-up to his speech, Mr Hammond distanced himself from talk of wider giveaways, stressing the need for the UK to reduce borrowing in the long term and to ensure the country is prepared for future global economic uncertainty and any short-term turbulence arising from its withdrawal from the EU.In the build-up to his speech, Mr Hammond distanced himself from talk of wider giveaways, stressing the need for the UK to reduce borrowing in the long term and to ensure the country is prepared for future global economic uncertainty and any short-term turbulence arising from its withdrawal from the EU.
The Treasury said Mr Hammond would give an "upbeat assessment" of the UK's economic prospects and offer a "positive backdrop ahead of the start of new chapter for the country outside of the EU".
It suggested the chancellor's focus would be on equipping the UK to meet the challenges of a "rapidly changing economy" by ensuring every child could go to a good school and get the qualifications and skills they needed.
"He will say that in building the foundations of a stronger, fairer, better Britain, outside the EU - the government understands the concerns of those who worry about their children's ability to access the opportunities they themselves enjoyed," it said.
"He will go on to say he knows that many are still feeling the pinch, almost 10 years on from the financial crash and that the government will do everything it can to help ordinary working families to get on."
What do you want to know about the Budget? Send us your questions or ideas and a BBC journalist will investigate and answer the most popular.What do you want to know about the Budget? Send us your questions or ideas and a BBC journalist will investigate and answer the most popular.
Use this form to ask your question:Use this form to ask your question:
The government has been under pressure to offer more resources for social care budgets.The government has been under pressure to offer more resources for social care budgets.
The Local Government Association says councils with responsibility for social care are facing a funding gap of £2.6bn by 2020 and the entire system stands on the "brink of collapse" without an immediate cash injection and a commitment to a long-term solution.The Local Government Association says councils with responsibility for social care are facing a funding gap of £2.6bn by 2020 and the entire system stands on the "brink of collapse" without an immediate cash injection and a commitment to a long-term solution.
"The measures taken by government, such as the ability for councils to raise council tax to pay for social care, will not bring in enough funding to solve the social care funding crisis," said Izzi Seccombe, chair of the LGA's Community Wellbeing Board."The measures taken by government, such as the ability for councils to raise council tax to pay for social care, will not bring in enough funding to solve the social care funding crisis," said Izzi Seccombe, chair of the LGA's Community Wellbeing Board.
"Genuinely new government money is now the only way to protect the services caring for elderly and disabled people.""Genuinely new government money is now the only way to protect the services caring for elderly and disabled people."
Prime Minister Theresa May has acknowledged acute pressures in social care and across the health service as a whole.Prime Minister Theresa May has acknowledged acute pressures in social care and across the health service as a whole.
But she has rejected Labour claims that the NHS - which ministers say will receive £10bn in extra funding between 2016/17 and 2020/21 - is facing its worst financial crisis since its inception.But she has rejected Labour claims that the NHS - which ministers say will receive £10bn in extra funding between 2016/17 and 2020/21 - is facing its worst financial crisis since its inception.
Mr Hammond is also expected to find money to alleviate the impact of increased business rates on many of the 500,000 firms facing them, following the government's first re-valuation of commercial property values since 2010.
Business groups have called for a hardship fund for firms facing, in some cases, increased bills of more than £1,000 a year and for more small business to be excluded entirely from having to pay rates.
The government has said the vast majority of businesses will not see their bills rise and many will actually pay less but the prime minister said last month that those set to be "particularly adversely affected" deserved assistance.
In the run-up to the statement, the last Spring Budget before it moves to the autumn, there has been speculation that the chancellor could pay for a boost to social care by raising national insurance rates for the self-employed.In the run-up to the statement, the last Spring Budget before it moves to the autumn, there has been speculation that the chancellor could pay for a boost to social care by raising national insurance rates for the self-employed.
Tobacco and some alcohol duties are also tipped to rise.
For Labour, shadow chancellor John McDonnell said the UK was "at a crossroads" ahead of Article 50 and called on Mr Hammond to deal with rising living costs.For Labour, shadow chancellor John McDonnell said the UK was "at a crossroads" ahead of Article 50 and called on Mr Hammond to deal with rising living costs.
"It cannot be a Budget, where like his predecessor, he over-claims on the government's economic record, and under-delivers on its promises," he said."It cannot be a Budget, where like his predecessor, he over-claims on the government's economic record, and under-delivers on its promises," he said.
Mr McDonnell said "adequate" funding was needed for the NHS and social care, and that women should no longer "bear the brunt of Tory tax giveaways for a wealthy few".Mr McDonnell said "adequate" funding was needed for the NHS and social care, and that women should no longer "bear the brunt of Tory tax giveaways for a wealthy few".
For the SNP, Scottish Finance Secretary Derek Mackay called on the chancellor to provide some "financial relief" for struggling families and public services, and said extra spending cuts could be "disastrous".For the SNP, Scottish Finance Secretary Derek Mackay called on the chancellor to provide some "financial relief" for struggling families and public services, and said extra spending cuts could be "disastrous".
Aside from the Budget, several previously-announced changes come into force in April, including an increase in the personal tax allowance to £11,500, a new inheritance tax allowance, a rise in the annual ISA limit to £20,000 and the introduction of a levy to fund apprenticeships.Aside from the Budget, several previously-announced changes come into force in April, including an increase in the personal tax allowance to £11,500, a new inheritance tax allowance, a rise in the annual ISA limit to £20,000 and the introduction of a levy to fund apprenticeships.