On Wednesday, 22 November, at 12:30 GMT, Phillip Hammond will announce the government’s new plans for spending and tax.
Not too sure what to expect? Here is just some of what is at stake:
The Chancellor has hinted towards helping speed up housing developments. Despite saying last week that the government would not simply “pour money in”, plans are to speed up existing developments where planning permission is involved.
Hammond insisted that he would help the next generation and make it easier to buy housing. It is rumoured Hammond is considering a stamp duty “holiday” for first-time buyers.
In an attempt to woo younger voters, Hammond announced that he will be introducing a new ‘millennial railcard’. The discount card will be available from spring 2018, and will offer up to a third off non-peak fares.
A major theme expected in this year’s budget is a focus on technology. The chancellor mentioned last week how he plans to make more technological investments in driverless cars.
Speaking earlier this month about his hope for the future of driverless cars, Hammond said: “Some would say that’s a bold move, but we have to embrace these technologies if we want the UK to lead the next industrial revolution,”
When asked about the potential job losses these new cars would lead to, the Chancellor simply said that he country could not “hide from change”.
Ahead of Wednesday’s speech, Hammond seems confident, saying he will use the Budget to “look forward, embrace change, meet our challenges head-on and seize the opportunities for Britain”.
Want a few more predictions? Here’s want we think below:
2017 Budget is also likely to include:
- £75 million on artificial intelligence
- £100 million to boost clean car purchases
- £400 million for new electric car charge points
- £160 million on 5G mobile networks across the UK
- £75 million to boost digital and construction skills