The chancellor is unveiling the budget for 2024. Here are the key points so far:
• A £160m deal agreed with Hitachi to purchase the Wylfa site in Ynys Môn and the Oldbury site in South Gloucestershire under efforts to deliver nuclear power ambitions.
• A series of levelling-up measures includes £100m for areas including High Peak, Dundee, Conwy, Erewash, Redditch and Coventry to support “cultural projects”.
• Scotland to get extra £300m, Wales £170m and Northern Ireland £100m under the Barnett Formula.
• Full Expensing for businesses will apply to leased assets in future “when affordable”. Draft Bill to be published shortly.
• Office for Budget Responsibility predicts UK GDP growth of 0.8% (0.7%) in 2024 and 1.9% (1.4%) in 2025. Figures in brackets are OBR’s predictions last November.
• Office for Budget responsibility expects Treasury borrowing of 91.7% of GDP (91.6%) in 2024/25, 92.8% (92.7%) in 2025/26. Figures in brackets are OBR’s predictions last November.
Money blog: What budget means for you
• No change to fuel duty, with 5p cut announced in March 2022 still in place.
• Alcohol duty freeze extended until February 2025.
• Household Support Fund extended for further six months.
• £90 charge to get a debt relief order is abolished.
• Increase in repayment period from 12 to 24 months for new budgeting advance loans for people on low incomes.
• Office for Budget Responsibility sees inflation coming in below target within “months”.
• Jeremy Hunt: “Because we are delivering the prime minister’s economic priorities, we can now help families not just with temporary cost of living support but with permanent cuts in taxation.”
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