UK Budget: your cheat sheet

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Not-so-boring Philip Hammond has completed his first and last spring budget today. (Here’s the document in full.)

He’s just sat down in the House of Commons. Here’s a summary of all you need to know.

  • UK economic growth hiked to 2 per cent from 1.4 per cent this year but the forecast growth rate until 2021 remains the same
  • Borrowing bill to fall faster than expected next year but broadly unchanged over the next four years
  • £2bn announced in additional funding for adult social care over the next three years
  • National insurance for self employed to increase by 1 percentage point to 10 per cent from April next year
  • £425m investment in the NHS in the next three years
  • A £1k discount on business rates for around 90 per cent of pubs in the country
  • A £300m fund for businesses facing steep increases in business rates
  • A reduction in the tax free dividend from £5k to £2k

And finally, lots of jokes.

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