“Brexit” budget at a glance

UK net borrowing (exc. public banks, £bn)

Down from £68.2bn forecast

10-11 134.9 
11-12 113.4 
12-13 119.7
13-14 98.5 
14-15 88.0
15-16 70.7 
16-17 51.7 


Key points   

Economy: Growth forecast for 2017 increased to 2%

Public finance: Stronger than forecast income tax, VAT and corporation tax revenues means cut in borrowing of around £12bn

Devolved administrations: £350m for Scottish government, £200m for Welsh government and £120m for Northern Ireland executive

Education: Funding for 110 new free schools, including specialist maths schools. Replace 13,000 qualifications with just 15 new T-Levels. Extra travel support for poorer children travelling to selective schools

Training: £500m a year investment from 2019 to boost productivity levels. Increase training for 16 to 19-year-olds by more than 50%

NHS and social care: Extra £2bn in grant funding over next three years. Extra £100m to help with accident and emergency waiting times

Tax: Increase national insurance for self-employed workers by 1% to 10% by April 2018 with further rise of 1% in 2019

Business rates: £300m fund for local authorities to give discretionary relief. £1,000 discount for all pubs with rateable value below £100,000

Personal allowance: Will rise for seventh year in a row to £11,500, and higher rate threshold to £45,000

Technology: £23bn of infrastructure investment including £300m fund to support research talent and 1,000 doctorates in science, technology and engineering. £270m to encourage trailblazers in artificial intelligence, robotics and biotech. £16m for 5G mobile technology and £200m for fibre broadband

Duties: Vehicle excise duty frozen. 2% increase in tax on cigarettes and 3% on rolling tobacco. Freeze on price of beer, cider, plus whisky and gin — vital exports for Brexit-bound Britain


Sources: HM Treasury, Office of Budget Responsibility, ONS

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