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UK Budget 2018: Highlights

Let's talk budget!

29th Oct was Budget Day, aka that time of year when the Chancellor of the Exchequer (the government's moneyperson-in-chief, currently Philip Hammond) gives a big speech to Parliament laying out all their spending plans for the year.


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Here's the speech highlights:

According to Phil, austerity is "coming to an end". (Bit awks, cos PM Theresa May said it was already "over"). That should mean no more big cuts to public spending.

The NHS will get an extra £20.5 billion over the next 5 years. The gov is also going to spend £2 billion a year more on mental health services.

The personal allowance - how much of your income you get tax free - is going up by £700 to to £12,500 next April.

Big technology companies like Facebook, Amazon and Google are going to have to pay a new digital service tax from 2020. (We don't know how much the tax will be yet).

Anyone using a mortgage to buy a home under £500,000 won't have to pay stamp duty (a tax).

The income threshold at which you are no longer eligible for Universal Credit (the welfare scheme that gives money to people on low incomes) is being raised to help the poorest.

The government is going to spend £30 billion fixing potholes and doing other road repairs.

There's going to be a new 50p coin to celebrate Brexit. #Priorities


What do you think of Philip Hammond's budget? Let us know on Twitter: #LetsTalkBudget

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