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| Version 1 | Version 2 |
|---|---|
| Budget 2017 summary: Key points at-a-glance | Budget 2017 summary: Key points at-a-glance |
| (35 minutes later) | |
| Philip Hammond is delivering his first Budget as chancellor from 12:30 GMT. The key points of what he says will be added to this page as he speaks. | Philip Hammond is delivering his first Budget as chancellor from 12:30 GMT. The key points of what he says will be added to this page as he speaks. |
| What we already know | What we already know |
| As is customary before Budgets, a number of initiatives have already been trailed. | As is customary before Budgets, a number of initiatives have already been trailed. |
| The state of the economy | The state of the economy |
| UK second-fastest growing economy in the G7 in 2016 | |
| Growth forecast for 2017-18 upgraded from 1.4% to 2% | |
| GDP output expected to increase 1.6%, 1.7%, 1.9% and 2% in subsequent years | |
| Inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2.0% in subsequent years | |
| A further 750,000 people expected to be in employment by 2020 | |
| Public borrowing/deficit/spending | Public borrowing/deficit/spending |
| Annual borrowing £51.7bn in 2016-17, £16.4bn lower than forecast. Borrowing forecast to total £58.3bn in 2017-18, £40.6bn in 2018-19, £21.4bn in 2019-20 and £20.6bn in 2020-21. | |
| Public sector net borrowing forecast to fall from 3.8% of GDP last year to 2.6% this year, then 2.9%, 1.9%, 1% and 0.9% in subsequent years, reaching 0.7% in 2021-22. | |
| Debt rose to 86.6% this year, but will fall to 79.8% in 2021-22. | |
| Personal taxation | Personal taxation |
| Alcohol, tobacco, gambling and fuel | Alcohol, tobacco, gambling and fuel |
| Pensions and savings | Pensions and savings |
| Business | Business |
| Education | Education |
| Health | Health |
| Social care | Social care |
| Housing/infrastructure/transport/regions | Housing/infrastructure/transport/regions |
| Welfare | Welfare |
| Defence | Defence |
| North Sea help | North Sea help |