22 November 2017
The key points from today’s Autumn Budget
The Chancellor presented his first Autumn Budget to the House of Commons today, Wednesday, November 22.
While announcing economic measures for the country, including £3 billion of extra finding towards Brexit preparations, Philip Hammond conceded that the economy's growth prospects are to be downgraded by the Office for Budget Responsibility (OBR).
Here are some of the other key points from Mr Hammond's address:
- Stamp duty for all first-time buyer home purchases up to £300,000 will be abolished
- National Living Wage will rise to £7.83 an hour to £7.50 from April
- Debt is expected to peak this year before gradually falling as a share of GDP, the OBR predicts. The Chancellor says this is a "turning point in our recovery"
- £500 million will be invested into a range of technological initiatives, including 5G, full fibre broadband and artificial intelligence
- £1.7 billion will be invested into a Transforming Cities Fund to give elected mayors power to deliver local priorities
- Income tax-free personal allowance will rise to £11,850 from the start of the next financial year, with a higher rate threshold of £46,350
- The planned fuel duty rise for both petrol and diesel which had been scheduled for April is cancelled
- From April 2019, income tax will be applied to digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction