How will the Budget 2017 affect you?
How will the Budget 2017 affect you? Follow coverage here from 12.30pm
By Scunthorpe Telegraph | Posted: 8 Mar 2017
Philip Hammond presented his Budget plans to Cabinet at an early-morning meeting in Downing Street this morning ahead of a statement which Treasury sources said would provide an "upbeat" assessment of the UK's economic prospects after Brexit.
Mr Hammond's first Budget as Chancellor is expected to include help for companies facing hikes in their business rates, as well as additional money for social care, schools and science.
But the Chancellor will admit more austerity is in the pipeline, making clear he is ready to take further "difficult decisions" on tax hikes and spending cuts, despite acknowledging many voters are still feeling the pinch 10 years on from the financial crash of 2007/08.
But that's not to say the Budget has gone without hype - here are a few of the announcements which have already been slipped out already in a bid to drum-up excitement:
- £500m of investment in electric cars, robotics or artificial intelligence
- A further £500m in technical skills, with loans available for those aged 16-19 for key courses – offshore wind related courses are expected to benefit.
- A £20m contribution towards a war memorial in Normandy to mark the 75th anniversary of the D-Day landings in 2019.
- A one-off payment of £320 million for 140 new free schools, on top of the 500 already pledged to be created by 2020 - the money could be used to open new selective grammar school.
Labour is putting pressure on the Chancellor to provide additional money for the NHS after a winter of crisis in the service.
And, with the Budget falling on International Women's Day, shadow chancellor John McDonnell said Mr Hammond should put an end to policies which have seen women bear the burden of 86 per cent of austerity cuts over the past seven years.
Major new port deal will see 30,000 more containers enter and leave Hull every year