Budget 2017 SummaryMarch 9, 2017 10:32 am
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.
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.
- Tax-free allowance to rise to £11,500 during 2017 and £12,500 by 2020.
- No changes to National Insurance, income tax or VAT.
- 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.
- £270m to push new technology such as robots and driverless vehicles.
- Competition fund of £690m for English councils to tackle urban congestion.
- Funding totalling £320m for 110 new free and grammar schools.
- Upgrade fund of £216m for existing schools.
- Supporting people returning to work after a career break – £5m budget.
- £20m funding to support the campaign against violence towards women.
Categorised in: News
This post was written by Kayleigh Driscoll