Unless you live in a completely media free environment you will have seen the Chancellor of the Exchequer, the Rt. Hon Philip Hammond MP, deliver his pre-Brexit budget on Monday (29 October 2018). There was a generally positive note in the contents and an up-beat phrasing of the contents.
The most salient points were:
National Living Wage will increase to £8.21
From April 2019 the National Living Wage will increase from £7.83 an hour to £8.21. This will benefit around 2.4 million workers, and is a £690 annual pay rise for a full-time worker.
The Higher Rate Threshold will increase from £46,350 to £50,000 in April 2019
The amount people will have to earn before they pay tax at 40% will increase from £46,350 to £50,000 in April 2019.
This means that in 2019-20, there will be nearly 1 million fewer higher rate taxpayers than in 2015-16.
Fuel duty will remain frozen for a ninth year
In 2019, fuel duty will remain frozen for the ninth year in a row, saving the average driver £1,000 since 2010.
£30 billion to improve roads
A £28.8 billion National Roads Fund, paid for by road tax, includes £25.3 billion for the Strategic Road Network (motorways, trunk and A roads). The largest ever investment of this kind.
It will also help fund the new network of local roads (known as the Major Road Network), and larger local road projects. Local authorities will receive £420 million to fix potholes on roads and renew bridges and tunnels, and there will be a £150 million to improve local traffic hot-spots such as roundabouts.