“The era of austerity is finally coming to an end.” – Philip Hammond, October 2018.
After intense pressure to loosen the purse strings, Philip Hammond announced several new cash injections to “show the British people that their hard work is paying off”.
The chancellor began his statement by revealing the latest economic forecasts from the Office for Budget Responsibility (OBR) which shows significant improvement in the public finances, causing a more positive budget for the next financial year.
Here is some of the points that may be of interest to you;
- Personal allowance threshold is set to rise from £11,850 to £12,500 in April 2019 while the higher rate income tax threshold will increase from £46, 350 to £50,000.
- ISA subscription limits for 2019/2- will remained unchanged at £20,000 however JISA’s will increase from £4,260 to 4,368.
- National living wage will increase from £7.83 to £8.21 per hour from April 2019
- Fuel duty is remaining frozen for the 9th successive year, along with beer / cider and spirits duties. On the other hand, wine duty will rise along with tobacco.
- Stamp duty will be exempt for first time buyers and this will be retrospective for those who have purchased a home since the last budget on 22nd November 2017.
- An extra £20.5bn will be pumped into the NHS over the next 5 years.
- £420m has been made available to tackle potholes, bridge repairs and other minor works this financial year.
If you would like more information on this year’s budget, click HERE.