Budget 2017: Key points

November 22, 2017

Chancellor Philip Hammond has presented the 2017 Budget.

Here are the main points:

Economy is ready for challenges that lie ahead

Growth forecast is now 1.5% this year, 1.4% next year and 1.3% in 2019/20 against 2% this year, 1.6% next year and 1.7% in 2019.

Inflation peaking at 3% in this quarter before falling back.

Investment of £500m in a range of new technologies including Artificial Intelligence (AI), 5G and full fibre broadband.

Regulators’ pioneer fund to be launched.

A new £400m charging infrastructure fund to promote electric vehicles, an extra £100m in Plug-In-Car Grant, and £40m for research into charging.

Doubling EIS investment for knowledge-intense businesses.

£1.7m Transforming Cities fund to be launched – half to be shared by six metro mayor areas, remainder to be a competition open to all cities.

Tolls on Severn Bridges to be abolished by end of next year.

Air Passenger Duty and fuel duty frozen but new diesel cars registered from April 1 next year will be hit with higher tax unless they conform to the latest driving standards.

4.4% increase in National Living Wage next year.

320,000 peopled helped by government’s Help To Buy scheme.

Ambitious plan on housing with £44bn of capital funding, loans and guarantees to deliver 300,000 homes a year by the mid-2020s – the highest since 1970. Focus on city centres and transport hubs.

Review of unused housing planning applications with promise of action if they are hitting market. Review will report for next spring’s economic statement.

Stamp Duty abolished for all first-time buyers up to £300,000.


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