Autumn Budget

What are the key changes from the Autumn Budget 2017?



In the first Autumn Budget, the chancellor of the exchequer Philip Hammond has set out the government’s plan for the UK economy.

The most notable changes included:

•    £44bn of capital funding, loans and guarantees have been promised to support the housing market, including £1.1bn to unlock strategic sites, new settlements and urban regeneration schemes and £2.7bn for infrastructure.

•    The government has planned to create five new ‘garden towns’ in the UK.

•    Business rates will now be pegged to the consumer price index (CPI) instead of the retail price index (RPI) from April 2018, two years earlier than initially planned.

•    Stamp duty has been abolished on homes under £300,000 for first-time buyers.

•    £1.7bn has been committed to improve transport in English cities, half of which will be shared by the six areas with elected metro mayors.

•    The devolved administrations have been promised more funding, including an extra £2bn for Scotland, £1.2bn for Wales and £650m for NI.

•    A further £34m has be allocated towards developing construction skills across the country.

•    A new fund will be established for the British Business Bank, this will be seeded with £2.5bn of public money.

•    From April 2018, the national living wage will increase by 4.4%, from £7.50 an hour to £7.83.

•    A £220m Clean Air Fund will be established to help local authorities reduce air pollution.


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