#Budget18 at a glance...
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.