Budget 2018: Full at-a-glance guide to the main points

What will the 2018 Budget mean for you?

2018 Budget at a glance

Public finances

Public borrowing in 2018 to be £11.6bn lower than forecast in March, representing 1.2% of gross domestic product, (GDP) the total value of goods produced and services provided
Borrowing as a share of GDP to rise to 1.4% next year
Borrowing to total £31.8bn, £26.7bn. £23.8bn, £20.8bn and £19.8bn in next five years
Debt as share of GDP peaked at 85.2% in 2016-17, falling to 83.7% this year and to 74.1% by 2023-24
1.2% annual average growth in departmental spending promised

Economic snapshot

2018 growth forecast downgraded to 1.3% from 1.5% in March, due to impact of bad
spring weather
Forecasts raised slightly to 1.4%, 1.4%, 1.5% and 1.6% in 2019, 2020, 2021 and 2022.
3.3m more people in work since 2010 and 800,000 more jobs forecast by 2022
Wages growth at its highest in nearly a decade.

Personal taxation and minimum wage

Personal allowance threshold to rise from £11,850 to £12,500 in April.
The higher rate income tax threshold to rise from £46,350 to £50,000 in April.
After that, the two rates will rise in line with inflation.
National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.

Housing market

First-time buyers of shared equity homes up to £500,000 to be exempt from stamp duty.
£500m for Housing Infrastructure Fund to enable a further 650,000 homes to be built.
Lettings relief limited to where property owner is in shared occupancy with tenant.
New partnerships with housing associations in England to deliver 13,000 homes.
Guarantees of up to £1bn for smaller house-builders.

Defence spending

Alcohol, tobacco and fuel

Beer, cider and spirits duties to be frozen.
Cost of a bottle of wine duty to rise by 8p, in line with inflation, in February.
Tobacco duty will continue to rise by inflation plus 2%.
A packet of 20 cigarettes will go up by 33p at 18.00 GMT.
A ten gram pack of cigars goes up by 17p.
Fuel duty to be frozen for ninth year in a row.
Remote Gaming Duty to increase to 21% for online gambling on “games of chance”.

Beer, cider and spirits duties are to be frozen

Business and digital

New 2% digital services tax on UK revenues of big technology companies
Profitable companies with global sales of more than £500m will be liable
Private finance initiative (PFI) contracts to be abolished in future
New centre of excellence to manage existing deals “in the taxpayer’s interest”
Annual investment allowance to be increased from £200,000 to £1m for two years
Contribution of small companies to apprenticeship levy to be reduced from 10% to 5%
Business rates bill for firms with a rateable value of £51,000 or less to be cut by third.
Measure to benefit 90% of independent companies, cutting bill by £8,000
£900m in business rates relief for small firms and £650m to rejuvenate high streets
New 100% mandatory business rates relief for all public lavatories.
Extending changes to the way self-employment status is taxed

Education and health

Confirmation of an extra £20.5bn for the NHS over the next five years
A minimum extra £2bn a year for mental health services
New mental health crisis centres, providing support in accident and emergency units
More mental health ambulances and a 24-hour mental health crisis hotline.
An extra £700m for councils, for care for the elderly and those with disabilities
£10m for air ambulances
A one-off £400m to help schools buy “the little extras they need”
Funding for 10 University Enterprise Zones

Regional funding

An additional £950m for the Scottish government and £550m for the Welsh Government
£320m for a Northern Ireland Executive in the period to 2020-21
New City and Growth deals for Belfast, north Wales and the Tay Cities area
£2m for Belfast to help recover from Primark fire

Environment and energy

Transport and infrastructure