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Budget 2017: key points

Chancellor Philip Hammond delivered his first budget this afternoon.

Key points:

*£435m for firms affected by increases in business rates, including £300m hardship fund for worst hit.

*A cap on business rates so they rise by no more than £50 a month for small businesses losing their rate relief, with 90% of pubs getting a £1,000 discount.

*The main rate of National Insurance contributions for the self-employed to increase from 9% to 10% in April 2018 and 11% in April 2019.

*The dividend allowance – the amount of dividends that can be earned tax free- is to be cut from £5,000 to £2,000 a year from April 2018.

*National living wage will rise to £7.50 an hour in April.

*New minimum excise duty on cigarettes, with no changes to duties on alcohol and tobacco.

*Sugar-filled soft drinks will see a tax increase in April next year with a tax on drinks with more than five grams of sugar per 100ml levied by 18p per litre, while those with eight grams or more of sugar per 100ml will have an extra tax of 24p per litre.

*Funding for 110 new free schools and grammar schools.

*£216m more investment in schools over the next three years.

*£100m to place more GPs in accident and emergency departments for next winter.

*An extra £2bn for social care over the next three years.

*£90m for the North for “pinchpoints” on the national road network.

*£690 million competition fund for English councils to tackle urban congestion.

*£2,000 tax break for childcare.

*From September parents will be eligible for 30 hours a week of free childcare.

*Domestic violence services will receive £20m in funding.

Posted 4:34 PM Wednesday March 8, 2017. Filed under News. You can follow any responses to this entry through the RSS 2.0. You can leave a response to this entry. Pinging is currently not allowed.

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