UK Budget 2019

The UK Budget for the new year has been released!

Philip Hammond who is the Chancellor described it as a “new chapter’ for the economy and his speech was more than hour. 

Read the below and see what has been agreed before the Brexit.

Below are key highlights:

– 31 million people pay income tax in the UK: 18 million men and 13 million women.

– 25.6 million of these taxpayers pay income tax at the basic rate

– Personal allowance stands at £11,850 at the moment

– Higher rate of tax will now start at £50,000 in April

– National Living Wage for workers aged 25 and over, will rise to £8.21 an hour in April

– For Drivers fuel duty will be frozen

– People who are facing repayment difficulties will now time to react and reflect within 60 days before any legal action to take place instead of six weeks

– Self employed will pay more income tax and national insurance

– First-time buyers in England who buy a shared ownership home will get the same stamp duty breaks for homes of up to £500,000 

– A commemorative 50p coin will be issued to mark the UK’s departure from the EU

– £500m for the Housing Infrastructure Fund, designed to enable a further 650,000 homes to be built

– Lettings relief limited to properties where the owner is in shared occupancy with the tenant

– New partnerships with housing associations in England to deliver 13,000 homes

– Guarantees of up to £1bn for smaller house-builders

-2.4 million working families with children to benefit by £630 a year

– 800,000 more jobs forecast by 2022

– Extra £500m for preparations for leaving the EU

Want to read more you can refer to the following links:

– Summary of the Budget here 

– Deloitte Budget calculator here which shows how the recent budget change can affect you 

– UK government official summary here

– What is the budget all about here and why it is reviewed on a annual basis

– Total UK Public Spending money here

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