Published on Friday 24 November 2017 in Van News
What does the Budget mean for construction and families?
With a heavy emphasis placed on improving housing, income tax and NHS funds, the Chancellor's big red box has left many people hopeful for the future. Vanarama's Laura Day reports.
On Wednesday 22nd November, Chancellor Hammond revealed what the Government will be spending their money on this year and it's looking good for construction and families.
The national living wage is going up by 4.4% - from £7.50/hour to £7.83/hour.
The 33p rise amounts to an annual increase of around £600 for the full-time worker. Brilliant news!
All 26-30-year olds will be happy to hear that a new 26-30 National Railcard is being introduced at the start of 2018.
The cost of the card for a year is £30. Think about how much you could save in travel expenditure with this!
The Government are putting £3.5bn towards upgrading NHS buildings and improving care.
AND £2.8bn is being put towards improving A&E performance. Reducing waiting times for patients and treating more people in winter, are two of the biggest problems that the Government wish to tackle with this Budget.
Over the next 5 years, the Government has promised to provide a capital investment of £44bn to boost the housing market, hoping to have built 300,000 new homes a year by the mid-2020s.
A further £400m will be invested in regenerating housing estates in disarray, and £1.1bn will be put in to unlocking strategic sites for development.
Earn more before you're taxed
The Government will be introducing a higher tax-free personal allowance. The lower rate threshold will increase from £11,501 to £11,850 and the higher from £45,001 to £46,350.
Wave goodbye to stamp duty
In an attempt to boost our economy in the future, the Government has abolished stamp duty for all first-time buyers for homes worth up to £300,000 in the UK, in order to encourage people to buy.
The Chancellor's changes
When all is said and done, the Chancellor's Budget clearly considers the importance of boosting family incomes, and applying focus on developing and growing the housing market.
And with the 2017 Budget under way, only time will tell what the future holds for construction and families.