Budget Statement from the Chancellor of the Exchequer

Yesterday we released the Autumn Budget. This is a Budget for Britain that backs families and businesses.

We’re tackling the cost of living by boosting your pay and cutting your taxes. We’re investing in skills and infrastructure by spending more on research and introducing a National Retraining Scheme. We’re building the homes Britain needs, increasing the number we deliver to 300,000 a year. And we’re taking a balanced approach to our economy by dealing with our debts while investing in our country.

This Conservative Government is building a Britain fit for the future. And we start by tackling the cost of living.

That’s why we’re boosting pay by ensuring the National Living Wage rises from £7.50 an hour to £7.83. So the lowest paid get the support they need.

This means that a full-time worker on the national living wage earns £2,000 a year more than they did before it was introduced.

We’re freezing fuel duty again, saving a typical driver £160 a year. So you can fill up your car without emptying your wallet.

We’re introducing a new railcard to give discounted travel to 26-30 year olds, helping young people afford a journey to work.

And we’re cutting your taxes, raising the tax-free personal allowance to £11,850. Because you earn money for yourself and your family, not for the Government.

But a Britain fit for the future means a Britain that invests in its future.

That’s why we’re spending £30 billion on upgrading our infrastructure, so companies can set up knowing they’ll have access to world-class infrastructure.

It’s why we’re spending over £2 billion extra on science and innovation – as well as setting up the world’s first Artificial Intelligence commission. Which will put Britain at the forefront of the technological revolution.

Most important, investing in our future means building more homes.

That’s why we’re increasing the number of homes we build to 300,000 a year – the biggest annual increase since 1970. So that the next generation can get on the housing ladder and get on in life.

To make the dream of home ownership a reality, as of yesterday, we have abolished stamp duty for first time buyers purchasing property up to £300,000.

That’s a saving £1,660‎ on the average first-time buyer property and means no stamp duty at all for 80% of first time buyers from yesterday.

And to make sure everyone gets the support they need, we’re investing more in our NHS.

We’re going to spend an extra £2.8 billion on health, including £350 million for additional beds this winter. We will deliver an additional £10 billion package of capital investment over the course of this Parliament. So you know that the NHS will be there for you when you need it.

Yesterday’s budget shows that we’re backing families and businesses. Preparing for Brexit and beyond. And building a Britain fit for the future.

If you would like to support the our plans to build a Britain that is truly fit for the future please join us today.

Thank you,

Philip Hammond
Chancellor of the Exchequer