The Chancellor of the Exchequer Philip Hammond has presented his first Spring Budget 2017 to the parliament on 8th March 2017. Hammond was appointed as the Chancellor in the Theresa May’s Government on 13th July 2016.
Folks were predicting numerous reforms to combat the economic downturn due to the UK’s vote for Brexit. All such forecasts and expectations ended on Wednesday when the Chancellor came up with his red briefcase.
In his budget speech, he said that “This Budget takes forward our plan to prepare Britain for a brighter future”. “We are building the foundations of a stronger, fairer, more global Britain” he added.
Here are a few stats officially announced:
- A further 650,000 people expected to get employment by 2021
- Personal tax-free allowance to rise as planned to £11,500 this year and to £12,500 by 2020
- Official forecasts estimate that the cost of living will rise at 2% or above for the next three years.
- The minimum wage for over 25s would rise to £7.50 an hour.
As your money-saving friend and personal finance advisor, FreePriceCompare has designed an infographic that gives you quick highlights of the Spring Budget 2017. Please take a look and share it with your social media friends and followers.
Text Version of the Infographic:
Health and Social Care
- £100m to place more GPs in accident and emergency departments for the next winter
- £325m for the NHS sustainability and transformation
- 24p per litre extra tax on most sugary soft-drinks to reduce childhood obesity
- £325m for 110 new free schools and grammar schools
- £300m for 1000 new PHD places & fellowships in STEM (Sci, Tech, Engg, Maths)
- £216m for upgrading existing schools
- £270m for new technologies such as robots and driverless vehicles
- Transport spending of £90m for the north of England
- £690m competition fund for English councils to tackle urban congestion
Mobile & Internet
- £16m for 5G mobile technology
- £200m for reliable full-fibre broadband networks
- Rate for Class4 NICs (National Insurance Contribution) would rise from 9% to 10% in April 2018, and to 11% in 2019 for those making a profit of more than £8,060
Alcohol & Tobacco
- Tobacco will rise by 2% above the Retail Price Index (RPI) inflation. A packet of 20 cigarettes will cost 35p more.
- The duty rates on beer, cider, wine and spirits will increase by RPI inflation. This will equate to 2p on a pint of beer, 1p on a pint of cider, 36p on a bottle of whiskey & 32p on a gin bottle.