Describing his first budget of a new decade, the first for almost 50 years outside the EU, and the first of a new government the Chancellor said that public investment will be the highest it has been in real terms since 1955.
The Chancellor Rishi Sunak says the government will increase the national living wage to two thirds of median earnings by 2024 and raise the threshold for National Insurance to £9500.The National Living Wage is currently projected to be over £10.50 an hour by 2024
He will allocate £1m to promote the Scottish food and drink industry and there will be £10m to help distilleries go green.
The planned increase in spirit duty will be cancelled along with beer, ciders and wine.
The Chancellor also said that fuel duty will be frozen for the next twelve months.
The Office of Budget Responsibility has forecast growth of 1.1% for 2020 down from 1.4% forecast in the 2019 Spring Statement while growth in 2021 is forecast to be 1.8%, up from 1.6% while in 2022, 1.5%, down from 1.6%
For business there will be an investment in R&D to a record £22bn a year, entrepreneurial relief will be reduced.The Chancellor won’t abolish it completely but instead he will reduce the lifetime limit from £10m, to £1m that will save £6bn over five years.
£800m will be invested in a new blue skies research agency, modelled on ARPA in the US.
On the environment there will be a new tax on plastic packaging that does not contain at least 30 per cent recyclable.
£500m will be pledged to support the rollout of new rapid charging hubs, so that drivers are never more than 30 miles away from being able to charge up their car and there will be incentives for people to buy electric vehicles.
£120m will be made available immediately to repair damage caused by the recent floods and there will be a doubling of investment over the next six years to £5.2bn protecting over 300,000 properties.
The Government will spend £800m to establish two or more Carbon clusters by 2030.
On Transport he promised the biggest ever investment in strategic roads and motorways with £27b of investment.There will be a new pothole fund, worth £500m a year, which is enough to fill 50m potholes.
More than 750 staff from the Treasury and other departments will move to a campus in the north. Eventually the government wants to move 22,000 civil servants out of London.
He wants to ensure the whole country benefits. More than 750 staff from the Treasury and other departments will move to a campus in the north. Eventually the government wants to move 22,000 civil servants out of London.
Sunak announced that he will reading tax from 1st December. Books, newspapers, magazines or academic journals, however they are read digitally or in print, will have no VAT charge.
The Chancellor said that he will expand the affordable homes programme.He also confirmed that he will spend £650m tackling rough sleeping, funding 6,000 new places for rough sleepers. He said the government wants to eliminate the problem by the end of this parliament.
Work will start on building the 40 new hospitals promised by the government.The immigration health surcharge will rise to £620, although there will be a discount for children.There will be national insurance relief for employers that hire veterans.
He is changing the rules on pensions that have led to some doctors deciding not to work because it is not worth their while given the loss in pension they experience. The tapered annual allowance will be raised to £90,000.
He announced that he is launching a new spending review, to conclude in July.The OBR says this budget is the largest sustained fiscal boost for 30 years and by the end of this parliament day to day spending on public services per year will be £100bn higher than it is now.