Today the UK government released their 2017 Budget. Chancellor Philip Hammond aka “Spreadsheet Phil” (due to his love of numbers) announced the government’s plans for future spending and taxes. Here’s how it will affect you.
Stamp duty on properties worth up to £300,000 is now abolished, which can help you get on the property ladder if you’re a first-time buyer.
The government also plans to build 300,000 new homes next year which means more affordable housing for you as well as jobs for those in the construction industry.
The UK government is about to invest £550 million in development of driverless cars.
So while we wait another 4 years for driverless cars to appear on the market, there’s good news for you train commuters!
The previous Railcard, offering discounted train travel is going to be extended for those up to 30 years old, with the new Millennial 26-30 card being introduced. The current railcard only covers the 16-25 age bracket.
Another reason why you might want to choose the train over driving is the fuel duty increase on diesel. Fuel prices will likely soar by up to 12p a litre before Christmas, which means you’ll be paying more for your daily commute to work. Additionally, if you’re looking to buy a diesel car over electric/petrol you will face up to an extra £200 yearly tax.
Wages & Benefits
From April 2018 the National Living Wage will rise 4.4%, from £7.50 an hour to £7.83 which is extra £600 a year for those who work full time.
When it comes to benefits, the previous 16 hours a week benefits cap which kept 1.4 million people out of work will be changed. The waiting period will also be reduced so that entitlement to Universal Credit starts on the day of the claim.
If you like a cheeky drink every now and then there’s some good news for you! Duty rates on beer, spirits and most ciders will remain frozen. However, the so-called “sin tax” on cigarettes and cheap high strength alcohol (white ciders) will go up due to raising health concerns.
You can use the BBC’s budget calculator to see exactly how this will affect you in the coming year.