Key points from the Budget
THE Chancellor painted a promising picture of the UK saying it was the second-fastest growing economy in the G7 in 2016 and a further 650,000 people expected to be in employment by 2021. The main points are:
The growth forecast for 2017 is encouraging having been upgraded from 1.4% to 2%.
Good news for drinkers and smokers with no increases in alcohol or tobacco duties on top of those previously announced.
A boost for the north with transport spending of £90m announced.
Driverless vehicles could soon be heading for our roads with £270m planned for new technologies and robots.
A further £16m will be spent on 5G mobile technology and £200m for local broadband networks
Inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2.0% in subsequent years.
There will be no changes to income tax, VAT or other National Insurance categories while personal tax-free allowances are to rise as planned to £11,500 this year and to £12,500 by 2020.
The main rate of Class 4 National Insurance contributions to increase from current rate of 9% to 10% in April 2018 and 11% in April 2019.
An extra £2bn for social care over next three years, with £1bn available in the next year.
Women’s political history is recognised with £5m designated to celebrate the centenary of women first getting the vote.
And there will be a welcome £20m to support the campaign against violence against women and girls.