Philip Hammond has delivered the 2017 Autumn Budget. The Chancellor has been under pressure, both financially and politically, as the UK faces economic uncertainty amid Brexit negotiations.

We have listed some of the key highlights of today's (22/11/2017) budget:


  • Taxation – The tax-free personal allowance on income tax is to rise to £11,850 in April 2018, with the higher rate threshold to increase to £46,350
  • Tax Avoidance – New measures to be introduced to raise £4.8 Billion by 2023
  • VAT – VAT threshold for small businesses to remain at £85,000 for the next two years
  • National Living Wage – To rise to £7.83 per hour in April 2018 – an increase of 4.4% from £7.50
  • Welfare – £1.5 Billion package to address concerns about the delivery of universal credit
  • Stamp Duty & Housing – Stamp duty is to be abolished for first-time buyers for properties valued up to £300,000
  • Brexit – £3 Billion set aside for Brexit preparations
  • Fuel – The car fuel duty rise, for petrol and diesel, planned for April 2018 has been scrapped
  • Alcohol – Duty on beer, wine spirits and certain ciders will be frozen. Duty on high ABV ciders will be increased via new legislation
  • Tobacco – The intended 2% rise above Retail Price Index will continue
  • R&D – £2.3 Billion allocated for Research and Development investment
  • Digital Infrastructure – £500 Million for new 5G mobile networks, fibre broadband and AI
  • Health & Social – £2.8 Billion in additional funding for the NHS in England
  • Education – £40 Million teacher training fund for underperforming schools in England
  • Electric Cars – £400 Million for charging infrastructure
  • Grenfell Tower – £28 Million for local regeneration and mental health services in the Chelsea and Kensington councils
  • Rail – 4.5 Million people aged between 26 and 30 to get a third off fares
  • Air Travel – Increase on air duty for premium class tickets

For a detailed summary have a look at the “Budget Pack” section of the TFMC App. If you haven't downloaded it yet just search TFMC in the Apple iStore or Google Play Store.

Rachael Olukoju
Rachael Olukoju

Rachael is a diligent qualified accountant with audit experience and joined us from a top 15 accountancy firm. With a thirst for knowledge and personal development, Rachael continues to study towards further qualifications. She is a strong communicator who is passionate, goal-driven and leads by example. Rachael has significant experience in management and statutory accounts preparation and review alongside a strong understanding of reporting and completion against strict deadlines.