Yesterday, The Chancellor, Philip Hammond, announced the government’s Autumn Budget.
First, there was good economic news. GDP growth forecasts have been revised up for 2019 and 2020, whilst unemployment forecasts have been revised down - with unemployment forecast to be just 3.7% in 2019. With unemployment already at a 43-year low, and wages growing at the fastest rate for nearly a decade, our economy will remain robust and strong for the foreseeable future.
Next, the government will support the High Street by introducing £900 million of further business rates relief over the next two years. This will benefit nearly half a million small retailers, saving them 1/3 in business rates bills – a total saving of up to £8,000 a year. The Chancellor also announced the creation of a £675 million ‘Future High Streets Fund’, which will rejuvenate town centres and improve transport links. An extra £420 million has also been pledged to fill potholes. This is good news for small businesses and consumers across Elmbridge.
The budget contained good news for local families too. The income tax threshold (the point at which people start paying income tax on their earnings) will increase to £12,500 from April 2019 and the higher rate threshold will increase to £50,000. This will save the average taxpayer £1,205 in tax compared to 2010. Fuel duty has again been frozen – for the ninth consecutive year – which means that, by next year, the average driver will have save £1,000 since 2010.
Finally, on investment in our public services, the Chancellor announced an extra £2 billion more per year for mental health services. This will provide more mental health ambulances, a dedicated mental health crisis hotline, and greater community support. It comes as part of our long term plan for NHS funding, which will mean an extra £20.5 billion more in real terms per year by 2023-24. The Chancellor also announced we will support schools with an extra £400 million next year – an average of an extra £10,000 for every primary school and £50,000 for every secondary school.