#Budget18 at a glance...

29 Oct 2018 Philip Mynes    Last updated: 30 Oct 2018

Chancellor Philip Hammond

Today (Monday 29 October), the Chancellor of the Exchequer, Philip Hammond MP, delivered what is expected to be the last budget before the UK’s Exit from the EU in March 2019.

Here are the major points at a glance:

  • From April 2019, the Personal Allowance (the amount a person earns before they start paying income tax) will be raised to £12,500. The Higher Rate Tax Threshold will also be raised from £46,350 to £50,000.
  • £1bn over the next five years for a package of measures to aid claimants’ transition to Universal Credit
  • The National Living Wage increased from £7.83 to £8.21
  • There will be an additional £500m government departments for Brexit planning, raising the funding to over £4bn.

 

Northern Ireland specifics:

  • £320m in Barnett Consequentials to the Northern Ireland block grant by 2021
  • £350m for a Belfast Region City Deal, as well as negotiations to be opened on a similar Derry City and Strabane Region Deal.
  • £2m for a Belfast City Centre Rejuvenation Fund following the fire at the Bank Buildings
  • £300m to progress shared and integrated education projects.

 

Read the Chancellor's budget statement in full here.

philip.mynes@nicva.org's picture
by Philip Mynes

Policy Development Officer

[email protected]

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