Budget 2018 bullet point round-up
- The Office for Budget Responsibility (OBR) has revised its growth forecast to 1.6% up from 1.3% for 2019 and to 1.4% for 2020 (up from 1.3%)
- Chancellor forecasts 800,000 more jobs by 2023
- OBR confirm that our national debt TO GDP to fall faster than forecast in the Spring Statement. Forecast to be 74.1% of GDP in 2023 to 2024
- Government borrowing will be £11.6bn lower this year than forecast at the Spring Statement
- The personal allowance threshold to rise from £11,850 to £12,500 in April
- The higher rate income tax threshold to rise from £46,350 to £50,000 in April
- Following these both rates will rise in line with inflation
- National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.
Alcohol, Tobacco etc.
- Beer, cider and spirits duties to be frozen
- Duty on a bottle of wine to rise by 8p from February 2019
- Tobacco duty will continue to rise by inflation plus 2%
- Fuel duty to be frozen for ninth year in a row
- Remote Gaming Duty to increase to 21% for online gambling on "games of chance" from 2019
- New 2% digital services tax on UK revenues of big technology companies, from April 2020 with global profits of £500m+
- Contribution of small companies to apprenticeship levy to be reduced from 10% to 5%
- Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years
- £650m to rejuvenate High Streets
- First-time buyers purchasing shared equity homes up to £500,000 to be exempt from stamp duty
- £500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built
- Lettings relief limited to properties where the owner is in shared occupancy with the tenant
- New partnerships with housing associations in England to deliver 13,000 homes
- Work allowances for universal credit to be increased by £1.7bn
- 2.4 million working families with children to benefit by £630 a year
- An extra £1bn to help welfare claimants transfer to the new consolidated benefit
- NHS 10-year plan will include "health crisis services in every major Accident and Emergency department, children's crisis teams, mental health ambulances and a mental health hotline."
- Extra £650m funding will be provided, in the form of grants, to Local Authorities to provide social care services.
- Extra funding for the police force - both general and counter-terrorism
- Treasury will mark the centenary of the armistice with a donation of £10m
- An additional £1bn to the Ministry of Defence to cover the remainder of this year and next
- £10 million of funding for the Air Ambulance service
- £420m to local authorities for potholes and bridge repairs.
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