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 has been delivering his first Budget as chancellor. These are the key points of what he has said.
What we already know
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 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
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.
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
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
Health and social care
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
Social care
Housing/infrastructure/transport/regions/science
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
Defence
North Sea help
Women
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
