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| Version 2 | Version 3 |
|---|---|
| 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 | UK second-fastest growing economy in the G7 in 2016 |
| Growth forecast for 2017 upgraded from 1.4% to 2% | |
| But GDP downgraded to 1.6%, 1.7%, 1.9% in subsequent years, then 2% in 2021-22 | |
| Inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2.0% 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 650,000 people expected to be in employment by 2021 | |
| 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. | 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. | 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. | Debt rose to 86.6% this year, but will fall to 79.8% in 2021-22. |
| Personal taxation | Personal taxation |
| The main rate of Class 4 National Insurance contributions to increase from current rate of 9% to 10% in April 2018 and 11% in April 2019, raising £145m a year by 2021-22 at an average cost of 60p a week to those affected. | |
| Alcohol, tobacco, gambling and fuel | Alcohol, tobacco, gambling and fuel |
| A new minimum excise duty on cigarettes based on a packet price of £7.35 | |
| No increases in alcohol or tobacco duties on top of those previously announced | |
| Vehicle excise duty rates for hauliers and the HGV Road User Levy frozen for another year | |
| Pensions and savings | Pensions and savings |
| Reduction in tax-free dividend allowance for shareholders from £5,000 to £2,000 from April 2018 | |
| Business | Business |
| £435m for firms affected by increases in business rates | |
| £300m hardship fund for small businesses worst affected | |
| Pubs with rateable value of less than £100,000 to get a £1,000 discount on rates they pay | |
| Any business losing existing relief will not pay more than £50 a month | |
| A tax avoidance clampdown totalling £820m to include action to stop businesses converting capital losses into trading losses, tackle abuse of foreign pension schemes and introduce UK VAT on roaming telecoms services outside the EU | |
| Education | Education |
| £300m to support 1,000 new PhD places and fellowships in STEM (science, technology, engineering and maths) subjects | |
| Free school transport extended to all children on free school meals who attend a selective school | |
| Increased investment in schools of £216m | |
| New T-Levels to be introduced to give parity of esteem for technical education | |
| Number of hours of training for technical students aged 16 to 19 to be increased by more than 50%, including a high-quality, three-month work placement | |
| Health | Health |
| Social care | Social care |
| Housing/infrastructure/transport/regions/science | |
| Transport spending of £90m for the north of England and £23m for the Midlands to address pinch points on roads | |
| £270m for new technologies such as robots and driverless vehicles, £16m for 5G mobile technology and £200m for local broadband networks | |
| Welfare | Welfare |
| Defence | Defence |
| North Sea help | North Sea help |
| Women | |
| New funding totalling £20m to support the campaign against violence against women and girls | |
| A further £5m committed to project to celebrate the centenary of women having the vote, and to educate young people about its significance | |
| Funding of £5m to support people returning to work after a career break |