Chancellor Phillip Hammond has delivered his Autumn Budget 2017 by promising to build a better Britain and pledging more help for young house buyers.
Although he abolished stamp duty of up to £300,000 on homes worth £500,000 for first time buyers, the small print of his speech showed Britain was still suffering a financial hang over from the global crisis of a decade ago.
Hammond signalled that the deficit would peak but remain a problem until 2025, growth was lower than expected and uncertainty lingered over Britain’s post-Brexit future.
On his feet for just over an hour, Hammond put on a good-humoured display.
He tried to balance backbencher concerns and Labour opposition over the economy and National Health Service.
Brexit warning
He told nurses cash is available to give them a pay rise without impacting on NHS funding, he has found an extra £2.8 million for the health service and £44 billion in a grand plan to fix the housing crisis by building new homes.
Hammond has also earmarked another £3 billion to top-up the £700 million already spent on Brexit.
“While we work to achieve this deep and special partnership we are determined to ensure that the country is prepared for every possible outcome,” he told the House of Commons.
“We have already invested almost £700 million in Brexit preparations and I stand ready to allocate further sums when needed. No one should doubt our resolve.”
The remark was taken as a warning shot to EU negotiators that Britain is ready to walk away from Brexit without a trade deal.
Technological revolution
For the individual taxpayer little has changed.
Duties on fuel, beer, wines and spirits remain the same. Cigarette and tobacco prices are going up.
The personal income tax allowance rises to £11,850 from April 2018, while the higher rate tax threshold increases to £46,350.
Pensions remain unchanged, except for confirmation the lifetime allowance rises to £1.03 million in line with inflation from April 2018.
“This Budget is about much more than Brexit,” said Hammond. “The world is on the brink of a technological revolution. One that will change the way we work and live and transform our living standards for generations to come. And we face a choice: Either we embrace the future. Seize the opportunities which lie within our grasp. And build on Britain’s great global success story.
“Or reject change and turn inwards to the failed and irrelevant dogmas of the past.”
