Key points from Jeremy Hunt's speech
Taxation:
National Insurance cut by 2p in the pound for employees and the self-employed
Non-dom tax regime, for UK residents whose permanent home is overseas, to be replaced with new rules from April 2025
£5,000 UK ISA tax allowance for savers investing in "UK-focused" shares - to be set up following a consultation
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Benefits and income support:
Full child benefits to be paid to households where highest-earning parent earns up to £60,000 - the current limit is £50,000
Partial child benefit to be paid where highest earner earns up to £80,000
Longer repayment period for people on benefits taking out emergency budgeting loans from the government
Government fund for people struggling with cost of living pressures to continue for another six months
£90 admin fee to obtain a debt relief order scrapped.
Cigarettes, vapes and alcohol:
Freeze on alcohol duty, which had been due to end in August, to continue until February 2025
New tax on vaping products to start in October 2026, following a consultation
Existing tax on tobacco to increase, to maintain the "financial incentive to choose vaping over smoking"
Transport and energy:
Fuel duty frozen again, with the 5p cut in fuel duty on petrol and diesel, due to end later this month, kept for another year
£ 160m deal for UK government to purchase site of planned Wylfa nuclear site in north Wales
Windfalltax on the profits of energy firms, which had been scheduled to end in March 2028, extended until 2029
Air passenger duty, the tax paid on flights, to go up for business class tickets
A further £120m for a government fund that invests in green energy projects
Housing:
Higher rate of tax paid on profits from selling property cut from 28% to 24%
Tax breaks for owners of holiday let properties scrapped
Public debt, inflation and the economy:
Office for Budget Responsibility predicts UK economy to grow by 0.8% this year and 1.9% next year
Growth of 2% predicted for 2026, with 1.8% in 2027 and 1.7% in 2028
UK's inflation rate forecast to fall below 2% target "in just a few months' time"
Underlying debt, excluding Bank of England debt, forecast to be 91.7% of GDP this year, rising to 92.8% next year
Overall day-to-day government spending to grow by 1% in real terms over next five years
NHS budget to go up £2.5bn next year; the service will also get £3.4bn up to 2030 to improve productivity
Business and investment:
Threshold at which small businesses must register to pay VAT raised from £85,000 to £90,000 from April
Covid-era government loan scheme for small businesses extended until March 2026
Tax reliefs for touring and orchestral productions, which had to been due to end in March 2025, made permanent
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