In the first Autumn Budget, the chancellor of the exchequer Philip Hammond has set out the government’s plan for the UK economy.
• £44bn of capital funding, loans and guarantees have been promised to support the housing market, including £1.1bn to unlock strategic sites, new settlements and urban regeneration schemes and £2.7bn for infrastructure.
• The government has planned to create five new ‘garden towns’ in the UK.
• Business rates will now be pegged to the consumer price index (CPI) instead of the retail price index (RPI) from April 2018, two years earlier than initially planned.
• Stamp duty has been abolished on homes under £300,000 for first-time buyers.
• £1.7bn has been committed to improve transport in English cities, half of which will be shared by the six areas with elected metro mayors.
• The devolved administrations have been promised more funding, including an extra £2bn for Scotland, £1.2bn for Wales and £650m for NI.
• A further £34m has be allocated towards developing construction skills across the country.
• A new fund will be established for the British Business Bank, this will be seeded with £2.5bn of public money.
• From April 2018, the national living wage will increase by 4.4%, from £7.50 an hour to £7.83.
• A £220m Clean Air Fund will be established to help local authorities reduce air pollution.
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