Autumn Budget 2017

Posted on November 23, 2017

On 22 November 2017, the Chancellor, Philip Hammond, delivered his first Autumn Budget. He said: "In this Budget, we express our resolve to look forward, to embrace change, to meet our challenges head on, and to seize the opportunities for Britain.”



Key Points:

  • The ISA allowance will remain at £20,000 for the tax year 2018/19
  • The Junior ISA allowance will increase to £4,260 for the tax year 2018/19
  • The personal tax-free allowance on income tax will rise to £11,850 in line with inflation in April 2018
  • The higher-rate tax threshold will increase from £45,000 to £46,350 in April 2018
  • National Living Wage will rise by 4.4% from £7.50 an hour to £7.83 an hour in April 2018.
  • Brexit - £3 billion will be set aside over next two years to prepare the UK for every possible outcome as we leave the EU
  • The UK economy growth forecast for 2017 was slashed from 2% to 1.5%
  • Forecasts for UK economy growth for 2018, 2019, 2020 and 2021 were revised down to 1.4%, 1.3%, 1.5% and 1.6% respectively.
  • The annual rate of CPI inflation is forecast to fall from 3% towards the 2% target later this year
  • 600,000 people are forecast to be in work by 2022
  • Stamp duty will be abolished immediately for first-time buyers purchasing properties worth up to £300,000 - this will benefit 95% of first time buyers with 80% paying no stamp duty
  • £500 million support for 5G mobile networks, full fibre broadband and artificial intelligence
  • £540 million to support the growth of electric cars including more charging points
  • £2.8 billion in extra funding for the NHS in England
  • £10 billion capital investment fund for hospitals up to 2022

Posted In

Need Help? Ask a question Need Help? Ask a question

Send to a friend