UK Budget 2018 at a glance Chancellor Philip Hammond announced the last UK budg...
UK Budget 2018 at a glance
Chancellor Philip Hammond announced the last UK budget before the country leaves the European Union. He said that the era of austerity is "finally coming to an end", although a few days ago in an interview with BBC he noted that no-deal Brexit would require new budget.
Let's have a quick look at the key points of Hammond's announcement:
1) Personal Allowance Threshold will go up in April 2019: From £11,850 to £12,500
2) The higher rate income tax threshold (40%) will also increase from £46,350 to £50,000
3) Minimum wage, or National Living Wage as the government calls it, will increase from £7.83 to £8.21 per hour, from April 2019
4) The prices of beer, cider and spirits will freeze but the price of wine will go up from February in line with inflation
5) Prices of cigarettes and cigars will also go up
6) All first-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty
7) A further £500m for the Housing Infrastructure Fund, to unlock 650,000 homes
8) Work allowances in Universal Credit will increase by £1,000 per annum at a cost of £1.7bn annually once roll-out is complete
9) 2018 economy growth forecast downgraded to 1.3% from 1.5% in March, due to impact of bad Spring weather. Forecast stands at 1.6% in 2019, 1.4% in 2020 and 2021; 1.5% in 2022; and 1.6% in 2023
10) Extra cash for Brexit preparations. Philip Hammond said: “I have already allocated £2.2bn to departments for Brexit preparations; And in the Autumn Budget last year I set aside a further £1.5bn to be allocated for 2019-20. Today I am increasing that sum to £2bn”
11) Extra £160m for counter-terrorism police
12) Extra £1bn for armed forces, for cyber-capabilities and the UK's new nuclear submarine programme
13) New digital services tax on UK revenues of big technology companies, from April 2020. Details are yet to be announced but according to Philip Hammond the new tax is expected to raise over £400m a year
14) Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years.
According to the Government this will benefit 90% of independent shops, pubs and restaurants
15) Extra £20.5bn for the NHS over the next five years
16) Extra at least £2bn a year for mental health services
17) Extra £700m for councils, for care for the elderly and those with disabilities
18) £10m for air ambulances
19) £400m in-year bonus to help schools “buy the little extras they need”
20) £30bn for England's roads, repairs to motorways and potholes
21) New tax on the manufacture and import of plastic packaging which contains less than 30% recycled plastic
22) An additional £950m for the Scottish government, £550m for the Welsh government and £320m for a Northern Ireland Executive by 2020-21
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Chancellor Philip Hammond announced the last UK budget before the country leaves the European Union. He said that the era of austerity is "finally coming to an end", although a few days ago in an interview with BBC he noted that no-deal Brexit would require new budget.
Let's have a quick look at the key points of Hammond's announcement:
1) Personal Allowance Threshold will go up in April 2019: From £11,850 to £12,500
2) The higher rate income tax threshold (40%) will also increase from £46,350 to £50,000
3) Minimum wage, or National Living Wage as the government calls it, will increase from £7.83 to £8.21 per hour, from April 2019
4) The prices of beer, cider and spirits will freeze but the price of wine will go up from February in line with inflation
5) Prices of cigarettes and cigars will also go up
6) All first-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty
7) A further £500m for the Housing Infrastructure Fund, to unlock 650,000 homes
8) Work allowances in Universal Credit will increase by £1,000 per annum at a cost of £1.7bn annually once roll-out is complete
9) 2018 economy growth forecast downgraded to 1.3% from 1.5% in March, due to impact of bad Spring weather. Forecast stands at 1.6% in 2019, 1.4% in 2020 and 2021; 1.5% in 2022; and 1.6% in 2023
10) Extra cash for Brexit preparations. Philip Hammond said: “I have already allocated £2.2bn to departments for Brexit preparations; And in the Autumn Budget last year I set aside a further £1.5bn to be allocated for 2019-20. Today I am increasing that sum to £2bn”
11) Extra £160m for counter-terrorism police
12) Extra £1bn for armed forces, for cyber-capabilities and the UK's new nuclear submarine programme
13) New digital services tax on UK revenues of big technology companies, from April 2020. Details are yet to be announced but according to Philip Hammond the new tax is expected to raise over £400m a year
14) Business rates bill for firms with a rateable value of £51,000 or less to be cut by third over two years.
According to the Government this will benefit 90% of independent shops, pubs and restaurants
15) Extra £20.5bn for the NHS over the next five years
16) Extra at least £2bn a year for mental health services
17) Extra £700m for councils, for care for the elderly and those with disabilities
18) £10m for air ambulances
19) £400m in-year bonus to help schools “buy the little extras they need”
20) £30bn for England's roads, repairs to motorways and potholes
21) New tax on the manufacture and import of plastic packaging which contains less than 30% recycled plastic
22) An additional £950m for the Scottish government, £550m for the Welsh government and £320m for a Northern Ireland Executive by 2020-21
#ukbudget
more...