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Summary of Budget 2018: Key points at-a-glance

Philip Hammond is delivering his third Budget as chancellor from 15:30 GMT. Here are the key points of his speech so far. It is being updated as he addresses MPs.

The state of the economy

  • Era of austerity is “finally coming to an end”
  • 2018 growth forecast upgraded from 1.5% to 1.6%
  • Growth forecast of 1.4%, 1.4%, 1.5% and 1.6% in four subsequent years
  • 3.3 million more people in work since 2010
  • Wages growth at its highest in nearly a decade

The state of the public finances

  • Public borrowing in 2018 to be £11.6bn lower than forecast in March
  • Borrowing forecast to fall in subsequent years to £31.8bn, £26.7bn. £23.8bn, £20.8bn and £19.8bn

Brexit

  • Extra £500m for preparations for leaving the EU
  • Spring Statement next March could be upgraded to full Budget if needed
  • A commemorative 50p coin to mark the UK’s departure from the EU (announced on 29 October)

Alcohol, tobacco and fuel

  • Fuel duty to be frozen for ninth year in a row (announced on 3 October)

Personal taxation and wages

Stamp duty and housing

Welfare and pensions

Business and digital

  • £900m in business rates relief for small businesses and £650m to rejuvenate High Streets (announced on 26 October)
  • Review of laws on wedding venues in England and Wales (announced on 26 October)

Education and health (England only)

  • A minimum extra £2bn a year for mental health services (announced on 28 October)

Transport, Infrastructure and Culture

  • A £30bn package for England’s roads, including repairs to motorways and potholes (announced on 27 October)

Environment and Energy

  • £60m for planting trees in England

Nations and regions

Summary of Budget 2018: Key points at-a-glance}

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