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
2018-10-29T16:54:54+00:0029th October, 2018|