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Budget 2017 Summary

March 9, 2017 10:32 am Published by

The UK’s spring budget was delivered by Philip Hammond yesterday, his first Budget as chancellor. Here is a summary of the key changes that were announced this week.

Key Points:

Health and Social Care

  • £100m to place more GPs in A&E departments for Winter 2017.
  • An extra £325m to allow the first NHS sustainability and Transformation Plans to proceed.

Pensions and Savings

  • Reduction in tax-free allowance on share dividends from £5,000 to £2,000. This will affect small business owners and investors and will start in April 2018.
  • Regulations put in place to ensure overseas pension schemes are run correctly.

Personal Taxation

  • Tax-free allowance to rise to £11,500 during 2017 and £12,500 by 2020.
  • No changes to National Insurance, income tax or VAT.

Public Borrowing/Spending

  • Annual borrowing is £16.4bn lower than expected at £61.7bn in 2016-17.
  • Debt rose to 86.6% this year, but will fall to 79.8% to 2021-22.

Housing/Transport

  • £270m to push new technology such as robots and driverless vehicles.
  • Competition fund of £690m for English councils to tackle urban congestion.

Education

  • Funding totalling £320m for 110 new free and grammar schools.
  • Upgrade fund of £216m for existing schools.

Women

  • Supporting people returning to work after a career break – £5m budget.
  • £20m funding to support the campaign against violence towards women.
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This post was written by Kayleigh Driscoll

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