19 charts that show how the Budget will affect Britain's households

Thomas Colson

2017-11-22T13:37:49Z

RTX3JHUK — Britain's Finance Minister Philip Hammond prepares his 2017 budget speech in his office in Downing Street, London, November 21, 2017. Reuters / Christopher Furlong

LONDON — Chancellor Philip Hammond delivered a budget on Wednesday which attempts to get Britain "fit for the future" and included measures designed to attract younger voters.

It was an Autumn Budget noticeably short on the "big, powerful, and revolutionary" agenda that Hammond privately committed to only a month ago, but there were some striking proposals which will make a difference to household finances.

Among the policies he announced were a 16-30 "millennial" railcard, increased funding for housebuilding, a freeze on beer and wine duty, and an abolition of stamp duty for most first-time homebuyers.

Here are the main points that might make a difference to your household finances.

Hammond started on an optimistic note, citing the UK's record low employment rate.

He also cited an OBR forecast which suggests Britain will add 600,000 jobs by 2022.

The chancellor committed an extra £3 billion to Brexit preparations over the next two years on top of the £700 million the government has already spent. "No one should doubt our resolve," he said.

Alcohol duty will be frozen.

As his predecessor George Osborne did in every budget, Hammond cancelled the fuel duty rise for both petrol and diesel that was scheduled for April.

The government will also freeze Air Passenger Duty for most passengers, while hiking it on premium air fares and private jets. "From April 2019 I will also freeze short-haul Air Passenger Duty rates and long-haul economy Air Passenger Duty paid for by an increase on Premium class tickets and private jets," Hammond said.

Hammond also confirmed a new 16-30 "millennial" railcard which will replace the current 16-25 scheme. The railcard, which discounts UK train fares by a third, will be available to a further 4.5 million people.

The government will also commit a further £2.8 billion to the NHS, funding which will aim to cut hospital waiting times and improve A&E performance.

Hammond also discussed new measures for those struggling to get on the housing ladder. He said he would commit £44 billion of funding, loans, and guarantees over the next five years to deliver an additional 300,000 homes per year on average to help address the country's housing shortage. One measure includes £1.5 billion in funding to help smaller firms build new homes.

In another bid to try and attract millennials voters who overwhelmingly backed Labour at the last general election, Hammond also said he would abolish stamp duty for first-time buyers on homes up to £300,000. The move will save homebuyers £1,660 on average.

The chancellor said the government will invest around £500m in a range of initiatives including artificial intelligence, 5G, and full fibre broadband.

£160 million will be committed to the roll-out of a 5G mobile network, which is significantly faster than 4G.

He also announced a £2.5 billion investment fund to promote UK tech "unicorn companies" like Shazam and Transferwise.

A further £100 million will be allocated to the Plug-In Car Fund, which reduces the price you pay for new electric and hybrid vehicles.

Good news for frustrated commuters: Hammond pledged £30 million to trial new solutions which could improve mobile and digital connectivity on trains.

Former Chancellor George Osborne's "Northern Powerhouse" initiative, which aims to boost the economies of cities in northern England, isn't dead yet. A new £1.7 billion "Transforming Cities" fund will invest in transport infrastructure in cities in the Midlands and the North.

Hammond also pledged a £1.5 billion package to "address concerns" about the government's much-maligned Universal Credit System, which is set to replace the current benefits system.

There were also measures for schools. The government will introduce a £600 "Maths Premium" for schools, for every additional pupil who takes A level or Core maths.

Government borrowing — which is mostly used to service government debt — is forecast to be £49.9 billion this year, £8.4 billion lower than Office for Budget Responsibility's Spring budget forecast. The OBR is the government's public spending watchdog.

However, the OBR also slashed its UK growth forecasts up to 2022. Hammond said the Office for Budget Responsibility (OBR) had cut GDP growth forecasts from 2% to 1.5% this year; from 1.6% to 1.4% in 2018; from 1.7% to 1.3% in 2019; from 1.9% to 1.3% in 2020; and from 2% to 1.5% in 2021.

Protestors dressed as 'Maybots' demonstrate at the entrance of Downing Street as cabinet leave following a meeting ahead of the Chancellor's annual budget on November 22, 2017 in London, England. Later today Chancellor of the Exchequer Philip Hammond will deliver his 2017 budget to Parliament. The conservative government is continuing with its aim of reducing the deficit and balancing the books as the UK negotiates its departure from the European Union (Photo by ) — Protestors dressed as 'Maybots' demonstrate at the entrance of Downing Street as cabinet leave following a meeting ahead of the budget. Christopher Furlong/Getty Images

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