Chancellor Philip Hammond will this week deliver his first spring Budget - which will also be his last since the main Statement is due to be moved to the autumn.
In future years, Hammond will deliver an autumn Budget and a Spring Statement.
Announcing the change back in November, he said: “No other major economy makes hundreds of tax changes twice a year and neither should we.”
The chancellor warned there would be no “spending sprees” while speaking on The Andrew Marr Show on Sunday.
“This weekend, thanks to Philip Hammond’s various media appearances, we learned some of the big picture and smaller detail. He wants to squirrel away £60bn on a ‘Brexit warchest’ in case things go bumpy as we quit the EU. That this money could also be used for a 2020 election giveaway, if Brexit goes well, is obviously pure coincidence.”
- Paul Waugh Executive Editor, Politics, The Huffington Post UK
When and what time is the Budget 2017?
Philip Hammond will deliver the budget on Wednesday March 8.
He will begin speaking in the Commons at 12.30pm.
He is expected to speak for around an hour.
How can I watch the Budget 2017 live?
The Budget will be streamed on Parliament TV here.
You can also follow our Budget liveblog for people who hate Budget liveblogs here.
What predictions are there for the Budget 2017?
Some of the things expected to be included in this year’s budget are...
£500m-plus for new free schools and refurbishing buildings - More than half a billion pounds is to be pumped into creating new free schools, including grammars, and refurbishing existing school buildings. Philip Hammond will include £320 million to help fund up to 140 new schools, creating more than 70,000 new places.
“What’s attracting attention is the Free School money as it appears that many of the new institutions could be selective, and effectively become the ‘new grammars’ that May floated last year. However, it’s far from clear just how many will select pupils given the stringent requirements Justine Greening appeared to impose. It’s an example of the dogged determination the PM has not to give up on an idea, tempered by some pragmatism about the outcome. Some MPs think we won’t see more than, say, 20 new grammars in total, out of that 140 new school target.”
- Paul Waugh Executive Editor, Politics, The Huffington Post UK
- More funding for social care - the NHS is expected to be thrown a £1.3 billion lifeline to take the strain off hospitals unable to send home elderly and disabled patients, according to the Sun. The BMA has urged Hammond to give the NHS £10bn a year more.
A rise in taxes - The Telegraph reported that Hammond will raise taxes, although the Conservative manifesto promised not to raise income tax, VAT or national insurance. Both the Times and the FT put on their front pages on Monday that Hammond will fund extra payments for social care and business rate relief by putting up taxes for the self-employed (via National Insurance rises), drinkers and others. Shadow Business Secretary Rebecca Long-Bailey suggested Sunday there would be ‘widespread support’ for a tax rise, possibly a hypothecated one.
Money for a revamp of post-16 education - Hammond is thought to be planning a £500 million boost for vocational education, according to Politics Home.
A minimum price for cigarettes - CityAM has predicted the chancellor will set an “effective floor” on cigarette prices.
Help for small businesses - planned changes to business rates could see smaller business suffer and have prompted the British Retail Consortium trade body to write to the Chancellor. This could prompt him to address this in his Budget.
A “Brexit warchest” - According to MailOnline, Hammond is building a £60 billion stash in preparation for Brexit-related economic turbulence.
Protection for subscription service users - The Guardian reported that Hammond will set out an upcoming consultation on better protecting users of services like Netflix and Amazon Prime.
Follow our Budget liveblog for people who hate Budget liveblogs here.