Phillip Hammond has just delivered his third Budget as Chancellor. This budget appears to be a positive one with austerity ‘finally coming to an end’. So, with the Chancellor’s budget now available to the public, we’ve picked out some of the key points to take away from his speech in the House of Commons this afternoon.
1.Employment is at a near record highs and will keep growing.
Unemployment levels are at a 40-year low, with over 3.3 million people gaining work since 2010. This has fuelled economic growth in every year since 2010, which is projected to continue until 2023.
2.The tax-free Personal Allowance will rise to £12,500
The Personal Allowance – the amount you earn before you have to start paying Income Tax– will increase by a further £650 in April 2019 to £12,500.
3. The National Living Wage will increase
An expected 2.4 million workers will benefit from an increase in the national living wage, which is set to go up from £7.83 an hour to £8.21 in April 2019.
4.The Higher Rate Threshold will increase
The amount people will have to earn before they pay tax at 40% will increase from £46,350 to £50,000 in April 2019.
This means that in 2019-20, there will be nearly 1 million fewer higher rate taxpayers than in 2015-16.
5.Fuel duty will remain frozen, again.
In 2019, fuel duty will remain frozen for the ninth year in a row, saving the average driver £1,000 since 2010.
Any finally the some of you may be relived to know….
6.Alcohol duty will remain frozen
The cost of a pint of beer will be 2p lower than if duty had risen by inflation. This will be good news for those who enjoy a weekend tipple.