Budget 2018: At a glance
- 2018 growth forecast upgraded from 1.3% to 1.6%
- Budget deficit forecast for 2018/19 fiscal year cut to £25.5bn from £37.1bn forecast in March
- A ‘tech tax’ on revenues of tech giants from 2020, subject to further international discussions
- Annual Investment Allowance increased from £200,000 to £1m for two years
- Tax on imports of plastic packaging containing less than 30% recycled plastic but no ‘latte tax’ on plastic coffee cups
- Private Finance Initiative will be abolished
- £1bn extra for defence spending to boost cyber capabilities
- Extra £160m for counter-terrorism police
- £420m for local councils to repair potholes
- Additional £500m set aside to prepare for a no-deal Brexit
- £20.5bn more for the NHS over the next five years, as previously announced
- £60m to plant more trees in England
- A further £500m for the Housing Infrastructure Fund
- Fuel, beer, cider and spirits duties frozen
- Personal allowances and higher rate threshold raised
