This is the first November budget to be delivered by a UK Chancellor.
Forecasts for the UK economy included:
- Inflation rate expected to fall from 3% this year, to 2%.
- Growth forecast down to 1.5%, from 2%, then to 1.4%, 1.3% and 1.5% in subsequent years.
- Public borrowing now revised downwards to £49.9 billion, and to £39.5 billion in 2018-2019.
- The national debt as a share of GDP is expected be 86.5% this year, and fall to 79.1% by 2022-2023.
- Employment set to grow, with 600,000 more jobs by 2022.
Measures announced by the Chancellor:
Housing and transport
- Stamp duty to be abolished for first time buyers on properties up to £300,000, and on the first £300,000 in more expensive areas, including London. This is estimated to affect some 95% of first-time buyers.
- £44bn capital investment to boost the housing market.
- Target of building 300,000 new homes by mid-2020s.
- 100% council tax premium on empty homes.
- Review into delays in permitted development, and enquiry into ‘land banking’ by developers.
- £28m for counselling and mental health support for Grenfell tower victims.
- Young person’s railcard extended to 26-30-year-olds.
- £1.7bn transport fund announced for cities.
Alcohol, gambling and fuel
Tobacco tax to rise by 2% above the RPI. Duty on beers, wine and spirits kept on hold.
- 8,000 new computer science teachers to be recruited at a cost of £84m.
- Maths incentive to secondary schools and sixth form colleges at £600 per student taking maths and further maths.
- Assistance for teacher training in poorly performing schools.
- VAT threshold stays at £85,000.
- Business rate rises now linked to CPI and not the RPI.
- £540m to electric car support, including new charging points.
To rise to £11,850 in April 2018.
40p income tax threshold
To rise to £46,350.
Personal savings, pay and welfare
- Additional £1.5bn to help with the delivery of universal credit, following widespread criticism of failings in the system.
- Seven day wait for dealing with claims to be scrapped.
- Claimants to get a month’s initial payment within 5 days.
- The National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.
Health and social care
- £2.8bn extra for NHS (England).
- Additional £350m to help ease pressure on NHS over this winter.
- £10bn capital funding for hospitals.
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