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THE BUDGET 2018

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THE BUDGET 2018

The Chancellor of the Exchequer, Philip Hammond, has delivered the final 2018 Autumn Budget before Britain leaves the EU. Here we have summarised some of the key announcements made so far.

For a more detailed summary and to be kept up-to-date more frequently have a look at the “Budget Pack” section of the TFMC App. If you haven't downloaded it yet, it's in the Apple iStore and Google Play Store.

 

The key highlights of today's (29/10/2018) budget:

  • Brexit: An additional £500m for no-deal planning
  • NHS: A new mental health service has been added to the 10 year plan including a 24-hour mental health hotline. The prime minister has already pledged £20bn in funding for the NHS by 2023
  • Social Care: An additional £650m for local authorities for social care, and £45m for the disabled facilities grant
  • Defence: £1bn for the MoD to boost cyber capabilities and anti-submarine operations plus £160m extra for counter terrorism in 2019/2020
  • Education: £400m in-year bonus for schools
  • Infrastructure: In order to tackle potholes, bridge repairs and other minor works in this financial year there is an extra £420m available to councils
  • Apprenticeships: A £695m initiative to help small businesses employ apprentices
  • Tax: A new “digital services tax” as of 2020.  The tax has been designed so that only tech giants with revenues over £500m are hit rather than small businesses
  • Retail: The chancellor pledges £675m to fund the transformation of high streets by improving infrastructure and transport
  • Business Rates: Over the next two years premises with a rateable value of £51,000 of less will have the rates cut by a third 
  • Housing: An extra £500m for the housing infrastructure fund
  • Plastic: £10m to deal with abandoned waste sites and a new tax on the manufacture and import of plastic packaging. There will be no levy on plastic cups
  • Fuel Duty: Fuel duty is frozen again for the ninth year in succession