Budget 2018: what you can expect from Philip Hammond and the chancellor
What will the chancellor announce?
Fines for failing to send self-assessment tax returns to HMRC will increase by £50, and from next April all children’s tax credits will no longer be paid to families who have more than two parents.
Small business owners will be able to offset their losses against their income, making it easier to save for retirement.
The government will increase the annual household energy efficiency subsidy for older people by 1p a week, to £190, over the next three years. The assistance will be worth between £130 and £180 a year.
The minister for care and support, Caroline Dinenage, will promise more respite days for older people.
The minister for apprenticeships, Damian Hinds, will announce that the total maintenance and recruitment budget for the Department for Education will increase by £227m to £8.3bn. A new £225m award will be established to re-introduce apprenticeships, investment in new schools, increasing the numbers of early years professionals and transforming schools into centres of learning and innovation.
The Transport secretary, Chris Grayling, will announce a long-awaited change to UK road pricing – initially in London – allowing drivers to pay a flat rate for journeys rather than pay to use congestion charging islands or a dedicated road. The new scheme will be introduced on a trial basis from next year.
Chancellor Philip Hammond unveils the Budget 2017 in the House of Commons, Whitehall Photograph: Paul Faith/AFP/Getty Images
The company car tax rates for small firms will be frozen. Vehicles carrying patients or emergency vehicles will be exempt from the 3% “off road” car tax rate until July 2022.
The proposed business rates revaluation that is due to kick in in April 2019, will now not take place until April 2020.
The chancellor will announce that he will review business rates in England and Wales so that rates paid by small businesses in London are reduced at the expense of lower rates paid in other parts of the country.
The plans for car parking within central London may be scrapped and replaced with charging zones.
The chancellor will also announce that no one will be treated unfairly due to the changes to Alcohol Beverages Excise Duty, which raises £1.7bn a year. He will announce £100m of extra funding from tobacco tax revenues, £350m to help fight the illicit trade in tobacco, £25m for smoking cessation schemes and an additional £25m for advice on quitting.
Extra funding for the NHS and social care will be announced, with £9.3bn to be injected into the NHS over the next three years. A £200m boost for the NHS in England and another £2.8bn announced in the summer budget.
A total of £1.9bn will be spent in the run-up to the 2020 election, and an extra £500m of capital funding for social care over the next two years will be announced.
Health and Social Care secretary Jeremy Hunt will outline an additional £800m a year for the NHS to fund the full implementation of the NHS and social care reforms and help patients get the right care at the right time.
The government will announce a pledge to drive up the numbers of nursery places by 10,000 over the next three years, a funding boost for 3,000 more schools and greater powers for school governing bodies to manage school budgets and make school improvement decisions.
The rate of income tax will be frozen at 10% for two years until 2022, which means more than 100 million higher-rate taxpayers will pay the same rate as before in 2018/19 and for 2019/20. The basic rate of income tax will be unchanged at 20%.
Basic rate tax will increase by 1% for people earning more than £80,000, or £50,000 for higher rate taxpayers. Incomes above £50,000 will be taxed at 40% from April 2018, and the rate of basic rate tax will increase by 1% for people earning more than £80,000, or £50,000 for higher rate taxpayers.
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Chancellor Philip Hammond will cut the cost of modernising the Thames Barrier and extend the tube’s cleaning contract with Sysco by 12 months to avoid any post-Budget cancellations.
Budget 2018: what will the chancellor announce? Read more
Funding will be increased to aid teachers’ professional development, and a £150m teaching fund will be created