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Budget 2017: Hammond pledges £3bn for Brexit preparations Budget 2017 cuts stamp duty for first time buyers
(35 minutes later)
Chancellor Philip Hammond has announced £3bn will be set aside to prepare for Brexit as he delivers his Budget. Chancellor Philip Hammond has abolished stamp duty for most first-time buyers in his Budget.
Mr Hammond said he was also ready to allocate more cash if needed and that the government would prepare for "every possible outcome". The change, effective immediately, will mean those buying properties worth up to £300,000 - or up to £500,000 in more expensive areas - will save £5,000.
He also unveiled lower growth forecasts and said the economy's productivity remained "stubbornly flat" but that his fiscal targets would be met. Mr Hammond also promised £1.5bn to "address concerns" about the flagship universal credit scheme.
Jeremy Corbyn will respond for Labour, which wants an end to austerity. And he unveiled lower growth forecasts and said that UK productivity remains "stubbornly flat".
The government will also set aside £3bn for Brexit preparations, spend an extra £2.8bn on the NHS in England up to 2022 and freeze most alchol duties.
Jeremy Corbyn is responding for Labour, saying the government had a "record of failure" on the economy.
Opening his statement, the chancellor said the UK economy "continues to confound those who talk it down" and updated MPs on the latest figures.Opening his statement, the chancellor said the UK economy "continues to confound those who talk it down" and updated MPs on the latest figures.
The Office for Budget Responsibility's prediction of 1.5% growth for 2017 is lower than the 2% forecast in March's Budget. But predicts borrowing to be lower than it did in March, at £49.9bn. The Office for Budget Responsibility's prediction of 1.5% growth for 2017 is lower than the 2% forecast in March's Budget. But it predicts borrowing to be lower than it did in March, at £49.9bn.
Announcements aimed at getting more houses built and some extra cash for the NHS are also expected. Other announcements include:
One area where there have been calls for an increase in spending is on public sector pay. BBC political editor Laura Kuenssberg said that while the chancellor would not announce extra cash for nurses' pay, he would promise the government would fund a rise if it is recommended by the independent pay body. Mr Hammond said the stamp duty cut would benefit 95% of first-time buyers. People buying in high-value areas will not pay the tax on the first £300,000 of properties worth up to £500,000, he added.
Other announcements so far include: He said successive governments had failed on housing, and promised the "next generation" that getting on the housing ladder would not be just a "dream".
An early joke On Brexit, Mr Hammond said he was also ready to allocate more cash if needed and said that the government would prepare for "every possible outcome".
What did we already know would be in the Budget? A lighter moment
The chancellor is expected to announce more money for teacher training in England. And in a nod to younger voters, discounted rail cards will be extended to 26 to 30-year-olds.
What's happened since the last Budget?
Quite a lot. In the last nine months, the UK has triggered Brexit and begun negotiations on the terms of its departure from the EU.
Economic conditions have changed too, although there is fierce debate about how much of this is attributable to uncertainty and negativity over Brexit.
Inflation has risen to 3%, its highest level in five years, while growth has faltered a little.
However, borrowing levels are at a 10-year low, giving Mr Hammond more flexibility, while employment remains at record levels.
The political backdrop has also changed enormously.
The loss of their majority in June's election sparked fresh Brexit infighting within the Conservatives.
The government has the backing of the DUP, but Mr Hammond - who is distrusted by many on the right of the party - does not have unlimited political capital in the bank.
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