Budget 2018: As it happened – Chancellor says the era of austerity is coming to an end

October 29, 2018
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Chancellor Philip Hammond started his speech at 3.33pm and finished at 4.43pm.

He open by saying he will deliver a Budget for “hard-working families … who live their lives far from this place … and care little for the twists and turns of Westminster politics”. 

Chancellor says the era of austerity is coming to an end. He says OBR has upgraded growth forecast for next year from 1.3% to 1.6% and expects 800,000 new jobs will be created by 2022. “The hard work of the British people is paying off,” he says.

A new NHS Plan will include a new mental health crisis service

£420m available to local councils to fix pot holes, says Chancellor.

Additional £200m to British Business Bank and start-up loans to be extended to 2021.

£695m initiative to help small firms hire apprentices.

Digital services tax to be launched in April 2020 and is expected to raise more than £400m a year.  “It is only right that these global giants pay their fair share,” says Chancellor. 

Further £500m for housing infrastructure fund to unlock 650,000 homes, £1bn lending to support SME housebuilders, Stamp Duty abolished for shared ownership first time buyers. 

From April 2020 Air Passenger Duty will be indexed in line with inflation, but there will be no change in the duty rate for short-haul flights.

The National Living Wage will rise to £8.21p/h from April 2019 from £7.83p/h. 

 

 

 

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