UK_budget_2017

This is the first November budget to be delivered by a UK Chancellor.

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 2018-2019.
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.

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 buyers.
£44bn capital investment to boost the housing market.
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 victims.
Young person’s railcard extended to 26-30-year-olds.
£1.7bn transport fund announced for cities.

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 of £84m.
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 schools.

To rise to £11,850 in April 2018.

To rise to £46,350.

Additional £1.5bn to help with the delivery of universal credit, following widespread criticism of failings in the system.
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.