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LIVE: What Cornwall can expect from the budget

LIVE: What Cornwall can expect from the budget

Published by the Pirate FM News Team at 3:17pm 29th October 2018. (Updated at 5:03pm 29th October 2018)

Philip Hammond is delivering the annual budget - revealing the government's spending plans for the next 12 months.

So what can expect from the final budget before Brexit?

We are expecting announcements on roads, housing, broadband and defence.

The Chancellor is also promising more support for mental health services by giving them a cash injection of £2bn a year.

Cornwall's high streets can expect a tax break.

Other announcements expected include a further £60m for tree planting in England.

He will also be under pressure to back up Mrs May's recent pledge that the end of austerity is in sight.

The chancellor is also expected to announce the launch of a 50p Brexit coin in the budget.

The coin will bear the words "Friendship With All Nations" and be made available 29 March, the day Britain leaves the EU.

4:57pm

Ending his budget speech, Hammond says: "The hard work of the British people paying off in hard cash in their pockets.

"Austerity is coming to an end – but discipline will remain."

"Now we must pull together to build the bright, prosperous future that is within Britain’s grasp if we choose to seize it: Embracing change, not hiding from it, building on the inherent strength of the British economy, and the indomitable spirit of the British people.

"Austerity is coming to an end – but discipline will remain. That is the clear dividing line in British politics today: We are at a turning point in our history and we must resolve to go forwards, not backwards and work together to build a Britain we can all be proud of."

4:56pm

Brexit coin...

There will be a a new commemorative Brexit 50p coin.

4:52pm

Talking about the tax-free personal allowance Hammond announces he's raising the Personal Allowance to £12,500.

4:50pm
4:48pm
4:47pm

National Living Wage boost...

Hammond reveals a rise by 4.9% for the National Living Wage from £7.83 to £8.21.

He also announces the government will give the Low Pay Commission a new remit for national minimum wage rates beyond 2020.

 

4:46pm
4:45pm

Universal Credit...

The chancellor says "Universal credit needs to stay." so the government will put in place "the funding to make it work".

There will be £1bn over five years injected into Universal Credit.

Hammond says the switch to Universal Credit, the government's flagship welfare programme, was a "long overdue and necessary reform". 

He says the work and pensions secretary will announce further details later this year.

4:43pm
4:42pm

Fuel, cigarettes and booze...

Hammond announces a freeze on fuel duty and beer and cider but cigarette prices will rise by 2%. 

Hammond announces "a series of measures to help families across Britain with the cost of living".

Duties on spirits will be frozen.

Hammond says the measures will save 2p on a pint of beer, 1p on a pint of cider, and 30p on a bottle of Scotch or gin.

4:40pm
4:39pm
4:39pm

Plastic...

Hammond announces a new tax on importing some plastic cups.

He unveils a new tax on "the manufacture and import of plastic packaging which contains less than 30% recycled plastic".

It's as he says the government will "consult" on the detail and implementation timetable. 

Hammond also says he has "looked carefully" at the case for introducing a tax on the production of disposable plastic cups - for all types of drinks. 

He says: "I have concluded that a tax in isolation would not, at this point, deliver a decisive shift from disposable to reusable cups across all beverage types. 

"I will monitor carefully the effectiveness of the action the takeaway drinks industry is taking to reduce single-use plastics and I will return to this issue if sufficient progress is not made."

4:33pm
4:32pm

Talking about giving more money to towns and cities he promises an extra £90m to trial "new models of smart transport", including ‘on demand buses’ - which he says mean taxis.

4:31pm
4:30pm

Housing...

Hammond announces he is extending stamp duty relief to all first time buyers of shared ownership properties valued up to £500,000.

 In a bid to build 650,000 homes, there will be £500m more for the Housing Infrastructure Fund.

4:28pm

For the next two years all shops with a rateable value of £51,000 or less will have their business rates cut by a third.

4:27pm

High street shops...

Promises £675m to help high streets transform he says the "digital revolution" presents "challenges as well as opportunities".

The £675m will be committed to create a Future High Streets Fund to support councils drawing up formal plans for the transformation of their high streets.

4:25pm
4:24pm

North Cornwall toilet jokes.. 

Hammond says there will be a business rates relief for "public lavatories" in North Cornwall.

The chancellor jokes: "So that local authorities can, at last, relieve themselves."

"For the convenience of the House … and without wishing to get unduly bogged down in this subject… this relief will extend to any such facilities made available for public use, whether publicly or privately owned.

"Honestly, this is virtually the only announcement in this budget that hasn’t leaked."

4:22pm
4:21pm
4:21pm

Talking about VAT registration Hammond says he is exploring options to address the "cliff edge effect" of VAT registration. 

"I will leave the threshold unchanged for a further two years," he announces.

4:18pm

 

E-gates openes to US, Canada, Australia

 

Talking about E-gates Hammond says he wants to support British exports so he will increase the UK's Export Finance direct lending facility by up to £2bn. 

E-passport gates which are currently only available to EEA nationals will be able to be used by visitors from the US, Canada, New Zealand, Australia and Japan. 

The Annual Investment Allowance will be raised from £200,000 to £1m for two years, as Britain leaves the EU.

And 'if needed' £200m will be given to the British Business Bank to replace access to the European Investment Fund.

4:15pm
4:14pm

Apprenticeships...

Chancellor acts on apprenticeship levy saying the government will halve the amount smaller firms have to contribute.

The amount they have to pay will drop from 10% to 5%.

He says this will cost £695million.

4:11pm
4:11pm
4:09pm

Roads...

4:09pm

Roads..

He announces crackdown on roads precisely £30billion to improve them.

Including £420m to tackle pot holes, bridge and other road repairs.

4:07pm
4:07pm

Promises more money for schools..

Hammond says school budgets don't stretch far enough to cover "that extra bit of kit that would make such a difference".

He announces a £400m in-year bonus.

A one-off capital payment directly to schools averaging £10,000 per primary school and £50,000 per secondary school.

4:05pm

 

£10m donation to mark centenary of First World War

Hammond says the government will mark 100 years since the end of the First World War by making a £10m to the A

Announced a £10million donation to Armed Forces Covenant Fund Trust to support veterans with mental health needs.

He also reveals help for village halls, many of which were "built to commemorate the sacrifice" of the First World War.

Hammond adds there will be £1.7m for educational programmes in schools to mark the 75th anniversary of the liberation of the Bergen-Belsen concentration camps

 

4:04pm


4:03pm
4:02pm

Promises £10m for air ambulances services as they are "funded entirely by philanthropy" and do "fantastic work"

 

4:00pm
3:59pm

Hammond announces £160million for counter-terrorism

The boost is to protect officer numbers.

The chancellor says he "recognises" policing in general is under pressure.

Hammond announces Home Secretary Sajid Javid "will review police spending power and further options for reform".

3:58pm

Full funding will be set out in upcoming Green Paper but he states immediate cash injections:

  • £650m for English councils (for 2019-20)
  • £45m for the Disabled Facilities Grant in England (for 2019-20)
  • £84m to create more Children’s Social Care programmes (over the next five years)
3:56pm
3:55pm
3:54pm

Talking about the NHS vow...

The chancellor states he "made our big choice for this budget 4 months before it was delivered"

NHS funding will increase by £20.5bn 'in full' over the next five years.

Hammond reveals: "The NHS 10 Year Plan will include a new mental health crisis service with comprehensive mental health support available in every major A&E children and young peoples’ crisis teams in every part of the country.

More mental health ambulances more 'safe havens' in the community and a 24-hour mental health crisis hotline."

3:48pm

Hammond repeats the hard work of British people is "paying off" as he reels off deficit figures.

He says the deficit is down from almost 10% under Labour to almost 1.4% next year.

The deficit is estimated to fall to 0.8% by 2023-2024.

3:47pm

Talking about an emergency budget if the UK leaves the EU without a deal..

The chancellor states an emergency budget could come if  'no-deal' Brexit: "If the economic or fiscal outlook changes materially in-year" then "I reserve the right to upgrade the Spring Statement to a full Fiscal Event".

3:44pm
3:43pm

The chancellor lays out the new figures from the independent Office for Budget Responsibility.

Here are the headlines: 

  • Growth expected to be "resilient" across the forecast period
  • Improving next year from the 1.3% forecast at the Spring Statement to 1.6%
  • Then 1.4% in 2020 and 2021
  • 1.5% in 2022
  • And 1.6% in 2023
  • 800,000 more jobs by 2023
3:43pm

Funds for departmental Brexit preparations raised to £2bn

3:42pm

Talking about 'real age growth' he expects 800,000 more jobs by 2023

3:40pm

He states that "British people have a record to be proud of" with "3.4 million people in jobs, wages growing at their fastest pace, income equality lower now than at anytime under the labour government."

"An economy working for everyone."

 

 

3:35pm

The chancellor says this budget is "a budget for hard working families" for the " people who get up early every morning" and "check on elderly neighbours" for those he calls are "the backbone of our comunities."

He announces the "Era of austerity is finally coming to an end."


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