When is the budget 2017? What to expect from Philip Hammond | City & Business | FinanceHeat Profit
When is the Autumn Budget announced?
The Chancellor of the Exchequer, Philip Hammond, will announce his budget on Wednesday (November 22) in front of the House of Commons.
Mr Hammond said he will review Britain’s economic performance, set out plans for raising the taxes and how he intends to spend them to support public services.
He said: “It’s also when we set out our thinking on how to keep the economy strong and resilient and fair. An economy that works for everyone.”
This will be the first time a budget is presented in the Autumn in 20 years because Mr Hammond moved it from Spring to Autumn.
What to expect from the budget
The exact contents of the Chancellor’s famous red briefcase remain a mystery but there is rumour that Mr Hammond could extend the 16-25 railcard.
This would help the Conservative party gain support with younger voters who save a third on travel fees.
Stamp Duty for first-time buyers could be cut in another attempt to win back young voters, by significantly cutting down the costs of buying property.
Student Loans could also be headed for a shakeup after Prime Minister Theresa May pledged to freeze tuition fees at £9,500 and increase the repayment threshold from £21,000 to £25,000.
Speaking at a Tory party conference last month, Mrs May said: “We are pledging to help students with an immediate freeze in maximum fee levels and by increasing the amount graduates can earn before they start paying their fees back.”
The Chancellor could also be preparing to raise income tax for some 30 million households in 2022, in an effort to raise up to £3.1billion a year.
The plan would entail freezing the point at which people start paying the new basic rate income tax or higher rate income tax.
In the wake of the Paradise Papers leak, the Government could also clamp down on prominent tax dodgers to refill its coffers.
The leaked documents named several high-profile individuals and celebrities who have been funnelling funds through off-shore accounts.
The Chancellor has also faced calls to tackle the rising problem of underfunded dementia care, by spending more funds on care services.
Jeremy Hughes, chief executive of the Alzheimer’s Society, told Express.co.uk: “Every day families call our helpline in tears, asking how they can find the money to pay for the care of their loved ones with dementia.
An increased emphasis on housing could also be on the table after the PM launched a personal campaign “build more homes, more quickly”.
Mrs May said this week: “I have made it my mission to build the homes the country needs and take personal charge of the Government’s response.
“Today I am seeing the work now underway to put this right and, in coming weeks and months, my Government will be going further to ensure that we build more homes, more quickly.
Mr Hammond has also faced mounting pressure to keep the freeze on fuel duty ahead of a very busy Christmas season for motorists.
A shocking survey by FairFuel UK, found that 89 per cent of Britons were willing to cut down on spending if fuel prices go up.