Unic Press UK: The United Kingdom’s Chancellor of the Exchequer and a Member of Parliament Philip Hammond said Monday that austerity would reach a denouement when Brexit happens.
In his budget speech Monday, Hammond said:
“. . . I can report to the British people that their hard work is paying off and the era of austerity finally coming to an end. When our EU negotiations deliver a deal, as I am confident they will, I expect that the “Deal Dividend” will allow us to provide further funding for the Spending Review. The hard work of the British people is paying off. The era of austerity is coming to an end.”
Some of the highlights of the Budget Speech
- Raising the Personal Allowance to £12,500 and the Higher Rate Threshold to £50,000 from April 2019, which is one year earlier than hitherto planned.
- Increase in the work allowances in Universal Credit by £1,000 per annum, at a cost of £1.7bn annually once roll-out is complete; this would benefit an estimated 2.4 million working-families-with-children, 2.4 million working-families-with-children, and people with disabilities by £630 per year, the Chancellor said.
- Freezing beer and cider duty for the next year.
- The tobacco duty escalator will continue to rise at inflation plus 2%.
- Freeze fuel duties for the ninth successive year.
- Invest £12m over 3-year period to improve fisheries technology.
- £400m in-year bonus to help schools – a one-off capital payment directly to schools, averaging £10,000 per primary school and £50,000 per Secondary School.
- National Living Wage to rise in April from £7.83 to £8.21.