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Wolves of Westminster

UK Political News and Opinion

The Budget 2018 – Key Points

2 min read
30 October 2018 | UK NEWS

Tax

Rate workers start paying income tax to rise from £11,850 to £12,500 and higher income tax threshold to rise from £46,350 to £50,000, both in April 2019. 

New 2% digital service tax on UK revenue of technology companies from 2020.

Small companies contribution to apprenticeship levy to be reduced from 10% to 5%.

Business rates for firms valued below £51,000 to be cut. 

Changes to self-employed taxation from 2020.  

£900m in business rates relief for small businesses. 

First time buyers buying shared equity homes up to £500,000 to be taken out of stamp duty. 

New tax on plastic packaging.

Potential future tax on disposable coffee cups if industry does not make progress.

Economy

2019 UK economic growth forecast raised from 1.3% to 1.6%, a trend repeated for following years up to 2023. 

800,000 additional jobs predicted by 2022.

Public borrowing lower for 2018 than forecast.

UK economic growth down from 1.5% to 1.3% in Spring 2018. 

Wages

Wage growth at decade high.

The National Living Wage to rise from £7.83 to £8.21. 

Funding Overview

£30bn for English road repairs. 

Extra £20.5bn for NHS over 5 years.

Extra £2bn a year for mental health services.

Extra £1.7bn for universal credit. 

Extra £1bn for armed forces.

Extra £1bn for welfare claimants to transfer to new consolidated benefit. 

£650m for high streets. 

£500m more for Brexit preparations. 

£500m for Housing Infrastructure Fund. 

Extra £160m for counter-terrorism police. 

£60m for planting trees. 

£70m for Defence and National Rehabilitation Centre. 

£10m for veteran mental health care.

£10m to deal with abandoned waste sites.

£10m for air ambulances.

£1.7m for Holocaust education. 

£1m for school trips to WW1 battlefields.

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