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Budget 2018 – Summary
BUDGET KEY POINTS
- New UK digital services tax on revenues of tech giants from 2020
- Predicts meeting his structural borrowing target three years early
- 2018 growth forecast upgraded from 1.3% to 1.6%
- Budget deficit forecast for 2018/19 fiscal year cut to £25.5bn from £37.1bn forecast in March
- Tax on import of plastic packaging which contains less than 30% recycled plastic
- Government abolishes use of Private Finance Initiative
- Extra £1bn in defence spending to boost cyber capabilities
- Extra £420m promised to repair potholes
- Additional £500m set aside to prepare for a no-deal Brexit
- Annual Investment Allowance increased from £200,000 to £1m for two years
- An extra £160m for counter-terrorism police
- Confirms an extra £20.5bn for the NHS over the next five years
- £60m for planting trees in England
- A further £500m for the Housing Infrastructure Fund
- Duties: Fuel, beer, cider, spirits tax frozen
- Personal allowances and higher rate threshold raised – a tax cut for 32 million people, he says
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