This is the first November budget to be delivered by a UK
Forecasts for the UK economy included:
- Inflation rate
expected to fall from 3% this year, to 2%.
- Growth forecast down to
1.5%, from 2%, then to 1.4%, 1.3% and 1.5% in subsequent years.
- Public borrowing now revised downwards to £49.9 billion, and
to £39.5 billion in
- The national debt as a share of GDP is expected be 86.5%
this year, and fall to 79.1% by 2022-2023.
- Employment set to grow, with 600,000 more jobs by 2022.
Measures announced by the Chancellor:
Housing and transport
- Stamp duty to be abolished for first time buyers on properties up
to £300,000, and on the first £300,000 in more expensive areas,
including London. This is estimated to affect some 95% of first-time
- £44bn capital investment to boost the
- Target of building 300,000 new homes by mid-2020s.
- 100% council tax premium on empty homes.
- Review into delays in permitted development, and enquiry
into 'land banking' by developers.
- £28m for counselling and mental health support for Grenfell tower
- Young person's railcard extended to 26-30-year-olds.
- £1.7bn transport fund announced for cities.
Alcohol, gambling and fuel
Tobacco tax to rise by 2% above the RPI. Duty on beers, wine and
spirits kept on hold.
- 8,000 new computer science teachers to be recruited at a cost
- Maths incentive to secondary schools and sixth form
colleges at £600 per student taking maths and further maths.
- Assistance for teacher training in poorly performing
- VAT threshold stays at £85,000.
- Business rate rises now linked to CPI and not the RPI.
- £540m to electric car support, including new charging points.
To rise to £11,850 in April 2018.
40p income tax threshold
To rise to £46,350.
Personal savings, pay and welfare
- Additional £1.5bn to help with the delivery of universal
credit, following widespread criticism of failings in the
- Seven day wait for dealing with claims to be scrapped.
- Claimants to get a month's initial payment within 5 days.
- The National Living Wage to rise in April 2018 by 4.4%, from
£7.50 an hour to £7.83.
Health and social care
- £2.8bn extra for NHS (England).
- Additional £350m to help ease pressure on NHS over this winter.
- £10bn capital funding for hospitals.
Read more from:
The Financial Times