Budget 2018: At a glance

October 30, 2018
  • 2018 growth forecast upgraded from 1.3% to 1.6%
  • Budget deficit forecast for 2018/19 fiscal year cut to £25.5bn from £37.1bn forecast in March
  • A ‘tech tax’ on revenues of tech giants from 2020, subject to further international discussions
  • Annual Investment Allowance increased from £200,000 to £1m for two years
  • Tax on imports of plastic packaging containing less than 30% recycled plastic but no ‘latte tax’ on plastic coffee cups
  • Private Finance Initiative will be abolished
  • £1bn extra for defence spending to boost cyber capabilities
  • Extra £160m for counter-terrorism police
  • £420m for local councils to repair potholes
  • Additional £500m set aside to prepare for a no-deal Brexit
  • £20.5bn more for the NHS over the next five years, as previously announced
  • £60m to plant more trees in England
  • A further £500m for the Housing Infrastructure Fund
  • Fuel, beer, cider and spirits duties frozen
  • Personal allowances and higher rate threshold raised 


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