UK Budget 2017 — Key Proposals

by Our London Correspondent

( November 22, 2017, London, Sri Lanka Guardian) The highlight of the Budget Speech was a lot of action on the housing market. The Chancellor was gunning to tax empty properties. He hopes to encourage new homes to be built, some 300,000 a year. There were also passages in his Budget for capital investment.

Opposition Labour Leader, Jeremy Corbyn said: “it was a record of failure with a forecast of more to come.”

City Analyst John Hawksworth, Price Waterhouse said: “The Chancellor had to walk a narrow tightrope between fiscal prudence and responding to widespread pressure to end austerity. At first sight he has just about managed to keep his balance.”

– Giveaways

• Stamp Duty will be abolished for properties up to £300,000 and up to £500,000
In London for first time buyers
• Affordable Travel Cards for 26 to 30 year olds
• An Extra £3 billion set aside over the next two years to adjust for every possible
outcome in Brexit
• £8 billion of new financial guarantees to support private house building
• Business rates to be tied to Consumer Prices Index CPI not higher Retail Prices
• National Living Wage will rise 4.4% in April 2018 from £7.50 per hour to£7.83 ph
• Universal Credit (Social Benefit) £1.5 billion support package to make it easier for claimants to receive an advance on benefit support. Seven day waiting at the beginning of any claim removed
• £350 million available immediately to allow NHS Health Trusts to plan for winter
• £34 million to develop Construction Skills
• £500 million Investment on Artificial Intelligence, including innovations on driverless cars, electric vehicle charging points
• Fuel Duty rise cancelled once again
• Duties on Wines and Spirits and beer frozen
• Personal Taxation – Basic rate Income Tax threshold will rise to £11,850 in April 2018 and highest rate increased to £46,350.

– Takeaways

Takeaway polystyrene boxes, plastic cutlery, bubble wrap to be taxed to
The problem of single use plastic. This comes after carrier bag levy and a ban
on microbeads
Tobacco Duty to rise by 2%
Economic Forecast bad 1.5% and long term downgraded to 1.6%
Not a lot of money to spare on public finances

Author: Sri Lanka Guardian

Sri Lanka Guardian has been providing breaking news & views for the progressive community since 2007. We are independent and non-profit.

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