Posted on: 03-12-2017 in UK
With Christmas less than a month away, the bustle of the festive season means that for many of us we’ve already forgotten all about the UK Winter Budget (delivered by Philip Hammond, UK Chancellor of the Exchequer on November 22nd).
So here’s a recap of the changes to the British economy that you can expect if you’re flying home for Christmas:
Pick of the Budget for the press was the welcome removal of Stamp Duty for first-time buyers of properties valued up to £300,000…
To fuel the ‘Northern powerhouse’:
Scotland, Wales and Northern Ireland:
Revised down to 1.5% in 2017 from 2%.
Forecasts are for economic growth of 1.4% in 2018, 1.3% in 2019, 1.3% in 2020, 1.5% in 2021 and 1.6% in 2022 – all of which are lower figures than the forecasts made in March this year.
From April 2018, the basic rate of income tax will rise to £11,850, and is set to rise again to £12,000 by 2020, as per the Chancellor’s previous statement; the 40% tax threshold will increase to £46,350.
Measures to raise £4.8bn by 2022-23.
Consultation on threshold of £85,000 at which small businesses pay VAT.
£200m a year extra from income tax on UK sales.
£1.2 billion a year is the target to address ‘lost’ VAT from online shopping.
Northern powerhouse
Scotland, Wales and Northern Ireland
Revised down to 1.5% in 2017 from 2%.
Forecasts are 1.4% in 2018, 1.3% in 2019, 1.3% in 2020, 1.5% in 2021 and 1.6% in 2022 – all of which are lower than the forecasts made in March this year.
A fuel duty rise has now been cancelled.
Increase on air passenger duty on premium-class tickets.
£40m for maths teachers; £600 premium for schools for each student taking A-level maths.
The number of science teachers to triple to 12,000. Further planned is a new national centre for computing.
Investment-friendly amendments to company taxation; ‘Transferable Tax History’ for oil and gas fields in the North Sea.
A fuel duty rise has now been cancelled.
“Households in need who qualify for Universal Credit will be able to access a month’s worth of support within five days, via an interest-free advance, from January 2018. This can be repaid over 12 months. Claimants will be eligible for Universal Credit from the day they apply, rather than after seven days.” (www.gov.uk)
£3bn set aside for post-Brexit funding.
Now £7.83 an hour, up from £7.50.
Consumers aged 26-30 to see rail fares discounted by a third.
If you'd like to talk to us about anything you've read in this blog post, complete this short form.