The 2017 Spring Budget – what does it all mean? 

We’re sure you have seen or heard a lot about the spring budget either on the news or in the papers. The majority of the experts are saying it was a ‘pretty solid budget’ but what does that actually mean for you? Read our blog below to find out everything you need to know.

The main points in a nutshell are:

UK economy is set to grow

The Office for Budget Responsibility (OBR) now forecasts that the UK economy will grow by 2% in 2017. The OBR also forecast that the economy will grow at a slightly slower rate in 2018, before picking up to 2% in 2021.

Self-employed National Insurance could rise

This particular part of the budget has received a lot of press coverage, but essentially the National Insurance Contributions for the self-employed are set to increase from the current rate of 9% to rise to 10% in Autumn 2018. Are you self-employed? If so this will affect you.

Road development

A 220 million pound budget will be given to the UK to help improve British roads including 90 million for the North and 23 million for the Midlands.

Robots, 5G and driverless car…sounds like the movies

You name it, it’s coming. The funding is designed to help the UK compete in science and innovation which could see the likes of driverless cars, advanced fibre broadband and even robots!

New qualifications

T levels, fifteen new technical qualifications will be introduced to replace current qualifications. Students will be offered high-quality three month work placements and training hours will be increased by over 50%.

Free school transport pledge

The budget will offer children who currently receive free school meals, free transport to and from selective schools.

More GP’s in A&E

There will be a 100 million pounds given to help with accident and emergency waiting times. The money will be spent on hospitals in England and the aim is to have reduced waiting times by winter 2018.

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Source: http://www.bbc.co.uk/news/live/business-39155802

 

 

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