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The Budget 2017; key facts

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The Budget 2017; key facts

At 12:30, Chancellor Philip Hammond stood up in the Houses of Parliament and delivered his 2017 Autumn Budget. Here are the key financial figures to think about.

£3bn is being set aside for Brexit contingency planning – Hammond says Brexit talks are at a critical phase and he is preparing for every outcome.

£175m going to support innovative businesses per year by 2022/23 – The Chancellor has said that a new high-tech business is founded in the UK every hour and he wants that to be every half hour.

VED rate for diesel cars will go up by one band – taxes on diesel cars will go up, but will only hit cars no vans. This will fund a £200m clean air fund.

Promotion for teaching of maths – the education secretary will initiate a national retraining scheme to encourage more learning from home and boost maths.

£30m to improve digital connectivity on trains – announcing a new deal for the West Midlands to enhance WiFi connections on those train routes.

£2bn for scots, £1.2bn for Wales and £650m for Northern Ireland – that’s how much governments will receive this budget.

£1.5bn to be spent on universal credit – claimants won’t have to wait seven days before getting their money, repayment periods for advances will extend from six months to 12.

National living wage will rise – from April, it will rise by 4.4% from £7.50 an hour to £7.83. Income inequality is at its lowest level for 30 years.

Tax threshold – basic rate for income tax will be £11,850 as of April next year and the higher rate threshold will rise to £46,350.

NHS – The health service will receive £10bn in capital investment over this parliament and an extra £3.75bn this year.

£28m for Grenfell United – Kensington and Chelsea Council will recieve funding for mental health services, regeneration support for surrounding areas and a community space for Grenfell United.

 £44bn for housing – By the mid 2020s there should be 300,000 homes being built every year. This will also go towards the help-to-buy-scheme.

Empty homes – Several councils including many in London will be able to impose a 100% empty homes premium on vacant properties. Owners would be fined £170,000.

Stamp duty abolished for first-time buyers – properties worth up to £350,000 won’t be charged stamp duty for first time buyers and people buying a home worth up to £500,000 won’t have to pay stamp duty on the first £350,000.

Words @amyjoannataylor

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