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BUDGET 2018: SUMMARY OF KEY POINTS
BUDGET 2018: SUMMARY OF KEY POINTS

The Chancellor of the Exchequer Phillip Hammond presented his annual Autumn Statement to Parliament on 29 October 2018.

The Government uses the "Autumn Statement" to reveal new economic and financial policies.

These are the key points that could affect your wallet:

Income Tax

  • Income Tax personal allowance (the amount you can earn tax-free) to rise from £11,850 to £12,500 in April 2019

Wages

  • National Living Wage (minimum wage for over-25s) to rise from £7.83 to £8.21 in April 2019
  • Minimum wage aged 21-24 to rise from £7.38 to £7.70
  • Minimum wage aged 18-20 to rise from £5.90 to £6.15
  • Minimum wage aged 16-17 to rise from £4.20 to £4.35
  • Apprentice wages to rise from £3.70 to £3.90

Benefits

  • Universal Credit "work allowance" (the amount you can earn before benefits decrease) to rise by £1,000 a year, giving 2.4million families an extra £630 a year. 
  • Another £1bn over five years to help people transition when they are moved on to Universal Credit
  • Benefits remain frozen for four years to 2019/20, cutting almost £4billion a year from the benefits bill

Pensions

  • The old State Pension and new State Pension  will rise by 2.6% in the 2019/20 tax year
  • Lifetime allowance for pensions,(the limit on the value of payouts from your pension schemes that can be made without triggering additional tax charges) will increase in line with the Consumer Price Index (CPI), rising to £1,055,000 for 2019-20.

NHS and social care

  • £2bn a year extra for mental health by 2023/24 with "crisis cafes", specially-equipped ambulances, devoted school teams and guaranteed A&E support
  • £10m will be made available to air ambulances to help them keep flying
  • £650m extra social care funding for English councils for 2019/20
  • Disabled Facilities Grant to receive another £45m in 2018/19
  • Children’s social care programmes to receive another £84m over five years to expand programmes to 20 further councils

Housing

  • All first-time buyers purchasing shared equity homes of up to £500,000 to be exempt from stamp duty and applied retrospectively to the 2017 Budget

Cigarettes and alcohol

  • Tobacco duty is unchanged and will continue to rise at inflation plus 2%
  • Beer and cider duty is frozen for the next year saving 2p on a pint of beer
  • Spirits duty is frozen saving 30p on a bottle of Scotch or gin
  • Wine duty will increase at the inflation rate

Vehicles and petrol

  • Fuel duty is frozen for ninth year in a row
  • Vehicle tax will be spent entirely on roads for the first time, allowing major highways to access a £28.8bn fund from 2020 to 2025

Full details of all of these changes can be found at www.bbc.com.

What the Budget Means to You

An explanation of what the budget means to you, whether you are single, a couple, married or a pensioner, is available from The Guardian.

Autumn Budget 2018 calculator

To see how does the budget affects you go to this link.

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