At the end of October the Chancellor of the Exchequer, Philip Hammond delivered his autumn budget in a speech to Parliament. With Brexit high on the agenda, the announcement focused on galvanising the British economy and improving public services in preparation for March 2019.
As part of our responsibility as the leading independent estate agent in Beaconsfield and the surround areas we have summarised some of the key points of the Chancellor’s 72 minute speech which are most likely to impact our readers.
The Government will be lifting the cap on how much money local authorities can borrow to build new housing in their area. This will help to hit the target for building new houses set by the Prime Minister.
Health, Education and Social Care
The NHS will be funded an extra £20 billion by 2024 with an extra £2 billion on mental health spending. Local authorities will also receive an extra £650 million in social care funding by 2019. There will also be an extra £400 million for schools this year; with every primary school receiving an extra £10,000 and secondary schools receiving £50,000.
Short-haul rates on Air Passenger Duty will not rise. A new railcard for those aged 26-30 will help young commuters save up to 33% on their train fares. Duty paid on fuel will remain frozen for the ninth year in a row – saving the average driver up to £1,000 in the year. There will also be a £30 billion investment in the UK’s road systems to fix potholes and repair motorways.
Tax payers may come out of this budget as the real winners as the personal allowance will increase from £11,850 to £12,500 which will come in to effect in April 2019. For those on the higher tax bracket, the threshold will rise from £46,450 to £50,000. Meaning that nearly a million people will benefit from lower tax rates.
Not all tax payers will benefit though. Large digital services companies such as Google and Facebook are set to be taxed 2% on their profits from UK users – which could stand to raise around £400 million per year.
Overall this autumn budget was centred on getting the country suitably prepared for Brexit in March. It also focussed on rewarding the hard working people of Britain in an attempt to demonstrate how ‘austerity is coming to an end’.
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