2017 Budget summary: The Key Points

2017 Budget: Key points 

The Economy...

The UK was the second fasted growing economy in the G7 in 2016

Growth forecast for 2017 has been increased to 2% – previously 1.4%

Inflation forecast to rise to 2.4% in 2017-18 before dropping to 2.3% and 2% in the following years

Further 650,000 people are to be unemployed by 2021

Pound sterling

Public Borrowing – Deficit – Spending...

Annual borrwing just over £51bn in 2016/17, £16.4bn lower than forecast 

Borrowing forecast for 2017/18 £ 58.3bn

Debt rose to 86.6% this year – forecast to fall to 79.8% in 2021/22

Personal Taxation...

No changes to income tax, VAT or other National Insurance categories 

Personal tax-free allowance will rise as planned to £11,500 this year and £12,500 by 2020

Pensions & Savings...

Reduction in tax-free dividend allowance for shareholders and directors of small private firms from £5,000 to £2,000 – measure to come into force in April 2018

Business meeting

Business...

£435m for firms affected by increases in bussiness rates – £300m hardship fund for worst hit 

Increases for businesses losing existing relief capped at £50 a month

Tax avoidance clampdown totalling £820m – including action to stop businesses converting capital losses into trading losses, tackle abuse of foreign pension schemes and introduce UK VAT on roaming telecoms services outside of the EU

Education...

£300m to suppoer 1,000 new PhD places and fellowships in science/technology/engineering and maths subjects 

Free school transport extended to all children on free school meals who attend a selective school

Increased investment in schools of £216m

Health & Social care...

£110m to place more GPs in A&E departments for next winter

Additional £325m to allow the first NHS Sustainability and Transformation Plans to proceed

Extra £2bn for social care over next three years – £1bn available next year

Long-term funding options to be considered but so-called 'death tax' on estates ruled out

Infrastructure & Science...

£260 for new technologies such as robots and driverless vehicles

£16m for 5G mobile and £200m for local broadband networks 

Calculating stock

Women...

£20m funding to support the campaign against violence against women and girls

£5m funding to support people returning to work after a career break

You can find out more on the budget here and what it means for you here

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