Chancellor Phillip Hammond has delivered the Spring Budget, building on some of the initiatives outlined in the Autumn Statement:
- £270m for new technologies such as driverless cars, including better batteries for new electric vehicles to help improve air quality
- £690 million for new local transport projects, to improve congestion on roads and public transport
- £220 million to improve congestion points on national roads, with £90 million going to the North and £23 million to the Midlands
- Support for local projects in the next twelve months like improvements on the A483 corridor in Cheshire and on the Leicester Outer Ring Road
- £16 million for a national 5G Innovation Network to trial new 5G technology and £200 million for local projects to build fast and reliable full-fibre broadband networks.
- Corporation Tax to fall to 19% from April 2017, and 17% in 2020.
- An increase in the main rate of National Insurance Contribution for the self-employed. From 2018, Class 2 NICs will be abolished. Class 4 NICs will rise to 10% in April 2018 and to 11% in April 2019. HMRC claim that only a self-employed person with profits over £16,250 will have to pay more as a result.
- Personal allowance rises to £11,500 from April.
- From April 2018, tax-free dividend allowance will be reduced from £5,000 to £2,000.
In addition, a review of diesel taxation was announced with the results expected in the Autumn Statement, alongside company car tax rates for 2020/21