Chancellor Philip Hammond has been announcing the details of the government’s latest Budget this afternoon, and here are the key points people in Portsmouth need to know.
His speech included updates on dealing with urban congestion, protecting women and girls against violence, and levies on soft drinks.
Here are some of the key points so far:
- Employment is forecast to grow every year, with a further two thirds of a million in work by 2021.
- Borrowing forecast to be £58.3 billion in 2017/18, £40.8 billion in 2018/19, then £21.4 billion, £20.6 billion in following years, reaching £16.8 billion in 2021/22.
- A package totalling £435 million will assist businesses affected by business rate rises, including £1,000 discount for most pubs.
- Clampdown totalling £820 million on tax avoidance to include action to stop businesses converting capital losses into trading losses, tackle abuse of foreign pensions schemes and introduce UK VAT on roaming telecoms services outside the EU.
- Soft drinks levy to be imposed at 18p and 24p per litre for the main and higher bands.
- Vehicle excise duty rates for hauliers and the HGV Road User Levy frozen for another year.
- No change to previously planned upratings of duties on alcohol and tobacco, but a new minimum excise duty is introduced on cigarettes based on a packed price of £7.35.
- New funding totalling £20 million to support the campaign against violence against women and girls.
- Funding of £5 million to support people returning to work after a career break.
- The Government commits £5 million to projects celebrating the centenary of the 1918 law giving women the vote.
- New £690 million competition for English councils to tackle urban congestion.
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