Chancellor of the Exchequer AUTUMN BUDGET 2017 Chancellor of the Exchequer Philip Hammond 22 November 2017

State of the UK economy “economy continues to confound those who talk it down' - future 'full of change, full of challenges and full of new opportunities”

State of the UK economy “The bit with the ‘long economicky words’ in it…..” OBR forecasts: GDP to grow 1.5% in 2017 1.4% 2018 1.3% in 2019-20 (in March this was forecasted as 2%).

State of the UK economy OBR forecasts: Government borrowing to fall: Forecasted at £49.9bn this year - £8.4bn lower than forecast at the Spring Budget. Borrowing will fall every year of the forecast - from £39.5bn (2018) to £25.6bn in 2022-23, to reach lowest level in 20 years.

State of the UK economy OBR forecasts: UK's debt, as a percentage of economic output, or GDP, is expected to fall from 2.4% this year to 1.9% next year. The OBR forecasts the deficit to be 1.3% of GDP in 2020-21, giving £14.8bn of headroom against the 2% target.

State of the UK economy OBR forecasts: Another 600,000 people in work by 2022.

Infrastructure Vehicle Excise Duty increased for most polluting diesel cars (but not on business vans) £400m for electric car charging infrastructure (those charging electric vehicles at work will not face taxes) £500m investment in 5G, broadband and Artificial Intelligence

Investment Allocating a further £2.3 billion for investment in R&D (research and development) and increase main R&D tax credit to 12%. Ambition to drive up R&D investment across the economy to 2.4% of GDP. National Productivity Investment Fund extended for a further year and expanded to over £31bn. Help for technology future by unlocking over £20bn of new investment in UK scale-up businesses, including through a new fund in the British Business Bank.

Education £20m to support FE colleges with introducing T levels £600 maths premium for extra pupils taking A level or Core maths in England’s schools Maths: £40m for attract more maths teachers Computing: triple number of computer science teachers to 12,000; new national centre for computing. National retraining scheme for digital expertise.

Regional Policies Extra £2bn for Scotland, £1.2bn for Wales and £650m for NI £1.7bn Transforming Cities fund to deliver better transport Scottish police and fire services to get refunds on VAT from April 2018.

Welfare Universal Credit waiting time reduced – other reforms to UC Repayment on advances for those claiming UC will be extended from 6 to 12 months National Living wage will rise by 4.4% in April, from £7.50 ph to £7.83 (extra £600 pa for FT workers) Income tax-free personnel allowance will rise to £11,850 in April (Higher-rate tax threshold to increase to £46,350) £125m of funding to help 140,000 people.

Duties Duties on wines, spirits and beers will be frozen. Duties of cigarettes and rolling tobacco to rise New rail card for those aged 26-30 allowing 30% off fares Cancelled fuel duty rise that was set for next April Short haul and long-haul economy Air Passenger Duty frozen, but will rise on premium tickets.

Health £10.8bn of investment for the NHS, plus an additional £2.8bn for NHS England. £350m for this winter Further money will be made available if the pay review body recommend an increase in wages for NHS staff £10bn capital investment fund for hospitals.

Tax Offshore tax avoidance to be tackled – brining in a further £200m (charge more tax on royalties relating to UK sales when those royalties are paid to a low tax jurisdiction) VAT tax threshold not altered. The point at which small businesses pay VAT will be kept at £85,000 Online VAT fraud to be tackled Tax avoidance schemes to save £4.8bn by 2022-23 £200m a year extra from income tax on UK sales for digital companies.

Housing £44bn over next 5 years to support the housing market Housing market to grow by over 3000,000 homes per year by mid-2020s Continue to protect green belt – houses targeted at urban areas Local authorities will now have the power to charge a 100% council tax premium on empty properties. The government will invest £28m in three new “Housing First” pilots in the West Midlands, Manchester and Liverpool to support homelessness 5 new ‘garden towns’ to be built Stamp duty to be abolished for all first-time buyers up to £300,000 (it will also be available on the first £300,000 of the purchase price of properties up to £500,000).

Brexit £3bn set aside for Brexit preparations.