#Budget17 at a glance...

Chancellor Philip Hammond MP today (22 November) delivered the 2017 Autumn Budget. Here's the key points...

Northern Ireland specifics

  • An additional £650m for the (currently non-existent) Northern Ireland Executive. It is understood this will be spread over 3 years to 2020 and the resource/capital breakdown is currently unclear.
  • The opening of negotiations for a Belfast city deal.
  • Work on air passenger duty and VAT on tourism will report by the next budget.

Universal Credit

  • £1.5bn package to address concerns about the operation of universal credit, to include the below:
  • Seven-day waiting period abolished so entitlement to universal credit will start on the day of the claim;
  • An advance payment will be available for claimants within 5 days of making the claim;
  • Extension of the advance repayment period;
  • Any new universal credit claimant in receipt of housing benefit, will continue to receive it for two weeks.

Other announcements…

  • National Minimum Wage increased from £7.40 per hour to £7.83 per hour.
  • The personal allowance will rise to £11,850 from April 2018.
  • £3bn over the next three years for Brexit preparations.
  • Industrial Strategy white paper to be introduced within the next few days.
  • £500m to be invested in areas such as artificial intelligence, 5G and fibre broadband.
  • Stamp duty to be abolished immediately for all first time buyers purchasing properties worth up to £300,000
  • Legislation to increase duty on cheap, high strength, low quality alcohol products such as white ciders from 2019.
  • The beginning of discussions with health unions on pay structure modernisation for Agenda for Change staff to improve recruitment and retention.
  • The freezing of fuel duty for both petrol and diesel.

You can read the Chancellor's Budget speech in full here. The next Budget will take place in November 2018, with a Spring Statement due in March 2018.

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