Budget 2017: Everything you need to know

March 8, 2017 7:00 PM
Originally published by UK Liberal Democrats

Philip Hammond has delivered his Brexit squeeze budget, which will not only leave our NHS and care services in crisis but ordinary households will be clobbered, leaving them £700 per year worse off.

In this video, Liberal Democrat peer Susan Kramer looks at what this Budget means for you and our country.

1

You will be worse off

The government's decision to take us out of the Single Market will cost the average UK household over £700 a year. Meanwhile, the Chancellor has clobbered "white van man" with £193 increase by next year in National Insurance charges.

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2

Small businesses will suffer

The Tories have lost their claim to be the party of business. Hammond pledged that no firm losing small business rate relief will see their bill increase next year by more than £50 a month, but this works out at an extra cost of £600 a year.

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3

Schools will become more divided

The Government's approach to school spending will see an increase in grammar schools and widening gaps in quality of schooling.

The Liberal Democrats have called for any extra money for education to be spent on reversing the devastating £3bn of cuts to school budgets that will see an 8% cut in per pupil funding by 2020.

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4

5m people face a National Insurance hike

The Chancellor has broken a Conservative manifesto pledge by introducing a tax on entrepreneurs and "white van man" with a rise in National Insurance payments that will cost them £93 by next year. Meanwhile cuts in corporation tax will still go ahead and wealthy pensioners will not being ask to pay a greater share.

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5

The Tories have missed their living wage target

The Liberal Democrats have slammed the government for failing to hit their own target for the national living wage.

When then Chancellor George Osborne introduced the "national living wage", he said he expected it to be worth at least £9 an hour by 2020.

Now the OBR has revised down its forecast. The announcement was made in the footnote on page 58 of an OBR report.

6

Injury compensation changes go up £200 million in a week

Last week the Justice Secretary Liz Truss announced changes to the way personal injury compensation payments are calculated. At the time, the government said this would cost the NHS an extra £1bn a year, which the government itself will fund.

But today the Government has added around £200m a year to the RDEL reserve to meet the expected costs to the public sector, in particular to the NHS Litigation Authority, saying the actual cost will be £1.2bn a year.

7

A pint will be more expensive

On Monday 13th March, there will be 2p added to the tax on a pint, 10p to a bottle of wine and 30p on a bottle of whisky. Commenting on the news, Shadow First Secretary of State Alistair Carmichael said: "This is another kick in the teeth for people who are grafting.

"It seems like the Tories are so committed to kick the self-employed that they won't even let them drown their sorrows without trying to fleece them for more cash."