Yesterday, the Chancellor announced his Autumn Budget. Thanks to our unprecedented financial response to the pandemic and Plan For Jobs, we are recovering faster than our major competitors and growth, unemployment and public debt forecasts are all better than originally expected.
We were therefore able to present a Budget that delivers on our levelling-up programme of a high-skill, high-wage, and high-growth economy with world-class public services.
Here are some of the key points 👇
⬆️ Increasing total departmental spending by £150 billion by 2024, including for our NHS, Housing, Police, Schools, Special Educational Needs, the Environment, and more
🌍 Forecast of a return to 0.7% on overseas aid in 2024
💷 Reducing the UC taper rate from 63% to 55% and increasing work allowances by £500 a year - a significant effective tax cut for low-income families
💷 Raising the National Living Wage to £9.50 an hour
🚘 Freezing fuel duty for the 12th year in a row
🍻 Freezing alcohol duty and reforming the system to make it simpler and fairer
💷 Ending the public sector pay freeze
✈ Creating a new half price rate for Air Passenger Duty, and extending our Business Rates Relief for all regional English airports
☕ 50% cut to business rates next year for the retail, hospitality and leisure sectors
🎭 Doubling creative industries tax reliefs
👩🔬 £20 billion on Research & Development funding