The Budget: What Was Announced

Posted: Nov 23, 2017


Todays Budget speech by the Chancellor of the Exchequer, Philip Hammond, saw a lot of new developments and information that will effect everyone.

Nick Hughes (our Senior Partner) and Reetu Bhandari (an Associate in our Conveyancing Department) where watching and listening to events unfold as the Chancellor gave his speech.

This is what they heard:

Along with with his announcment to put £44 billion into the housing market, he also announced the abolition of the Stamp Duty for first time buyers for properties up to £300,000 (And on the first £300,000 of properties up to £500,000).

Other big updates today included:

  • The Personal Tax Allowances and Thresholds to increase
  • Deficit planned to continue to reduce
  • More money for West Midlands Mayor and Welsh Government
  • Extra Funds and incentives for electric cars
  • Increases in duty for Diesel Cars that are non compatible and Diesel Company Cars (But not Company Vans)
  • Living Wage Increase
  • Tobacco and Cigarette Levies increased
  • Alcohol Duties frozen
  • Air Passenger duty frozen
  • VAT thresholds being reviewed (But not yet altered)
  • Business rates cut brought forward
  • More money for 5G mobile infrastructure; electric cars and Research and development
  • More money for NHS and targeted Education

*Please note this list is issued as headlines from today’s Budget and is not intended to be a full comment or to be relied upon – the detail will be contained in the Press Releases and full commentary. No liability is accepted for any loss suffered from anyone relying on this brief summary.*