Chancellor Philip Hammond has delivered his spring Budget.
He said the aim was to “build an economy that works for everyone” and prepare Britian for a brighter future.
In the light of intense lobbying from business groups concerned about the impact of this year’s business rates reform he announced:
- No business losing small business rate relief will see their bill increase next year by more than £50 a month
- 90% of pubs will have a £1,000 discount on their business rates bill
- A £300m fund for local councils to offer discretionary relief for hard-hit cases
Economic growth forecast raised for 2017 to 2% and 1.6% in 2018, then 1.7% in 2019, 1.9% in 2020 and 2% in 2021-22
Annual rate of inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2%.
Rise in National insurance contributions for the self-employed.
£100m to help with accident and emergency waiting times.
Reduction in the tax-free dividend allowance for directors/shareholders from £5,000 to £2,000 with effect from April 2018.
A new minimum excise duty on cigarettes based on a pack price of £7.35.
No changes to previously planned upratings of duties on alcohol and tobacco.
Labour leader Jeremy Corbyn accused the Chancellor of “utter complacency” for his Budget measures, which he said did not tackle the crisis in public services.
