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