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| Budget 2017 live: Philip Hammond expected to set out plans to prepare Britain for Brexit | Budget 2017 live: Philip Hammond expected to set out plans to prepare Britain for Brexit |
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| Welcome to The Independent’s liveblog of today’s Prime Minister’s Questions and the Chancellor’s 2017 Budget: | Welcome to The Independent’s liveblog of today’s Prime Minister’s Questions and the Chancellor’s 2017 Budget: |
| Before the Budget gets underway – around 12.30 – Theresa May will face Jeremy Corbyn in the Commons for the weekly session of Prime Minister’s Questions. While previous weeks have been somewhat subdued, it is likely Ms May will face difficult questions in the Commons from the Labour leader following the leaked recording of a Tory council leader telling colleagues he had secured a “gentleman’s agreement” with the Government. | Before the Budget gets underway – around 12.30 – Theresa May will face Jeremy Corbyn in the Commons for the weekly session of Prime Minister’s Questions. While previous weeks have been somewhat subdued, it is likely Ms May will face difficult questions in the Commons from the Labour leader following the leaked recording of a Tory council leader telling colleagues he had secured a “gentleman’s agreement” with the Government. |
| Following questions on the subject during a previous PMQ’s, Downing Street repeatedly denied striking a “sweetheart deal” with Surrey County Council to kill a double-digit tax rise. More here. | Following questions on the subject during a previous PMQ’s, Downing Street repeatedly denied striking a “sweetheart deal” with Surrey County Council to kill a double-digit tax rise. More here. |
| Shortly after PMQ’s the Chancellor is expected to deliver an “upbeat” Budget and is likely to allocate extra money for social care, free schools and relieve some of the pressure on those faced with increasing business rates. Domestic violence organisations are set to receive around £20m while a new £5m fund will be created to aid mothers return to work after a long career break. | Shortly after PMQ’s the Chancellor is expected to deliver an “upbeat” Budget and is likely to allocate extra money for social care, free schools and relieve some of the pressure on those faced with increasing business rates. Domestic violence organisations are set to receive around £20m while a new £5m fund will be created to aid mothers return to work after a long career break. |
| George Osborne, the former Chancellor, was up early on Wednesday wishing his successor in the role good luck. | George Osborne, the former Chancellor, was up early on Wednesday wishing his successor in the role good luck. |
| “Good lick Philip with the first of what I hope will be many successful budgets. Standing there with that red box is quite a moment. Enjoy it!” he added. | “Good lick Philip with the first of what I hope will be many successful budgets. Standing there with that red box is quite a moment. Enjoy it!” he added. |
| The Budget comes as Theresa May prepares to trigger Article 50 of the Lisbon Treaty by the end of March and begin the two-year long divorce proceedings with the European Union. | The Budget comes as Theresa May prepares to trigger Article 50 of the Lisbon Treaty by the end of March and begin the two-year long divorce proceedings with the European Union. |
| The below is from my colleague, The Independent's Economics Editor Ben Chu: | |
| Some Budget changes have already been announced. From 6 April, the amount you can earn before paying the 20p income tax rate will rise from £11,000 to £11,500. The higher rate 40p threshold will rise from £43,000 to £45,000. | Some Budget changes have already been announced. From 6 April, the amount you can earn before paying the 20p income tax rate will rise from £11,000 to £11,500. The higher rate 40p threshold will rise from £43,000 to £45,000. |
| The annual ISA limit will increase from £15,240 to £20,000. Corporation tax will be cut from 20 per cent to 19 per cent and petrol duty will remain frozen until April 2018. | The annual ISA limit will increase from £15,240 to £20,000. Corporation tax will be cut from 20 per cent to 19 per cent and petrol duty will remain frozen until April 2018. |
| The Government has already trailed a number of announcements before Wednesday’s speech: | The Government has already trailed a number of announcements before Wednesday’s speech: |
| The Government has said £320m will to go towards 140 new free schools, meaning they are run by local groups rather than local authorities. | The Government has said £320m will to go towards 140 new free schools, meaning they are run by local groups rather than local authorities. |
| Many of the new builds are expected to be selective schools as Theresa May reverses the long-standing ban on grammars. There will also reportedly be a £216m pot to refurbish existing schools, though this will barely put a dent in the £13.8bn needed, according to the latest National Audit Office report. | Many of the new builds are expected to be selective schools as Theresa May reverses the long-standing ban on grammars. There will also reportedly be a £216m pot to refurbish existing schools, though this will barely put a dent in the £13.8bn needed, according to the latest National Audit Office report. |
| Mr Hammond is also expected to announce a £500m boost to British science and innovation to fund a hi-tech future for the country. This will go towards a shake-up of technical training and education, with the introduction of new ‘T-levels’. | Mr Hammond is also expected to announce a £500m boost to British science and innovation to fund a hi-tech future for the country. This will go towards a shake-up of technical training and education, with the introduction of new ‘T-levels’. |
| “We will take further action to give our young people the training they need to access the highly skilled and highly paid jobs of the future. Not only is this vital for them as individuals, it is vital for British business, too. All the leading business organisations consistently tell me that access to highly skilled workers is the key prerequisite for Britain’s future economic success,” Hammond wrote in the Sunday Times. | “We will take further action to give our young people the training they need to access the highly skilled and highly paid jobs of the future. Not only is this vital for them as individuals, it is vital for British business, too. All the leading business organisations consistently tell me that access to highly skilled workers is the key prerequisite for Britain’s future economic success,” Hammond wrote in the Sunday Times. |
| The Chancellor is expected to announce £1.3bn - £1.5bn to avert a crisis social care which is under immense pressure as a result of local government cuts. He has been given some more wriggle room to spend thanks to higher-than-expected tax receipts in recent months. | The Chancellor is expected to announce £1.3bn - £1.5bn to avert a crisis social care which is under immense pressure as a result of local government cuts. He has been given some more wriggle room to spend thanks to higher-than-expected tax receipts in recent months. |
| Currently most self-employed people pay 9 per cent National Insurance. Reports have suggested Philip Hammond will announce a 3p in the pound hike on that rate, bringing it into line with that paid by employed workers. | Currently most self-employed people pay 9 per cent National Insurance. Reports have suggested Philip Hammond will announce a 3p in the pound hike on that rate, bringing it into line with that paid by employed workers. |
| Business rates, which are based on the value of a company’s property, have attracted a huge amount of negative coverage in recent months. Businesses in wealthy areas that have seen property prices soar since the last valuation seven years ago, face potentially huge hikes. | Business rates, which are based on the value of a company’s property, have attracted a huge amount of negative coverage in recent months. Businesses in wealthy areas that have seen property prices soar since the last valuation seven years ago, face potentially huge hikes. |
| Following sustained pressure, the Chancellor is expected to offer some relief, though this may only be temporary. | Following sustained pressure, the Chancellor is expected to offer some relief, though this may only be temporary. |
| The Confederation of British Industry has pushed for rates to be calculated on the Consumer Price Index instead of the higher Retail Price Index. | The Confederation of British Industry has pushed for rates to be calculated on the Consumer Price Index instead of the higher Retail Price Index. |