15 things to look out for in Philip Hammond's Autumn Budget
2 min read
Fiscal Phil is due at the Despatch Box shortly before 1pm tomorrow. Here are 15 things to look out for. Those in blue have already been announced.
HOUSING
On Sunday Hammond suggested he would spend about £5bn on a range of housing measures aimed at building some 300,000 new homes a year.
He will launch an inquiry into land banking and and could cut stamp duty for first time buyers and tinker with planning laws.
TRANSPORT
There will be a new ‘millennials’ railcard to extend the young person’s discount in a bid to attract Labour voters. It will hand 26 to 30-year-olds a third off travel.
At the Tory party conference Hammond announced £300m to secure rail lines linking cities in the north.
PUBLIC SECTOR PAY
The Chancellor has hinted that there will be new money for the wages of public servants, but the Times on Tuesday reported the opposite.
FINANCES
Hammond is expecting to hit his target of reducing the structural deficit to 2% of GDP by 2020-22, according to ITV.
There have been reports that he will pause rises in the income tax threshold until 2022. The move would boost Treasury income.
BUSINESS
It has been reported that the Chancellor will scrap a planned hike to business rates and VAT charges.
Theresa May announced on Monday that the Government will spend up to £80bn on research and development over the next decade.
DUTIES
Various reports suggest duty on diesel is set to rise by 1p a litre, while alcohol duties are expected to rise in line with Retail Prices Index inflation.
EDUCATION
There will be new training for teachers in failing schools as part of a £200m cash boost.
An error in the student loans system that has seen many students overpaying will be fixed.
BREXIT
An update on cash set aside for Brexit is expected. So far the Chancellor has earmarked £250m for preparations for a no-deal Brexit.
WELFARE
Hammond is expected to cut the first payment waiting time for new Universal Credit claimants from six weeks to four.
DEVOLUTION
He is expected to end a VAT row caused by the creation of national police and fire services in Scotland by plugging a £35m a year gap.
For our political commentary on what to expect from the Budget, click here: Autumn Budget 2017: What lies behind Philip Hammond's big decisions?
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