This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/uk-politics-42069508

The article has changed 15 times. There is an RSS feed of changes available.

Version 6 Version 7
Budget 2017 cuts stamp duty for first time buyers Budget 2017 cuts stamp duty for first time buyers
(35 minutes later)
Chancellor Philip Hammond has abolished stamp duty for most first-time buyers in his Budget. Chancellor Philip Hammond has abolished stamp duty for most first-time buyers in England and Wales in his Budget.
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. The change, effective immediately, will apply to the first £300,000 of a home's value, saving first-time buyers £5,000.
Mr Hammond also promised £1.5bn to "address concerns" about the flagship universal credit scheme. Mr Hammond also promised £1.5bn to "address concerns" about the flagship universal credit scheme, and unveiled lower growth forecasts.
And he unveiled lower growth forecasts and said that UK productivity remains "stubbornly flat". Labour leader Jeremy Corbyn said the government had a "record of failure with a forecast of more to come".
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. Mr Hammond's statement came with him under pressure from Eurosceptic Tory MPs and others calling for more spending to ease austerity.
Jeremy Corbyn is responding for Labour, saying the government had a "record of failure" on the economy. Other key pledges included:
The key housing announcements
Housing had been billed as one of the key themes of the Budget - and the chancellor promised the "next generation" that getting on the housing ladder would not be just a "dream".
Promising the government would deliver 300,000 new homes a year, he pledged £44bn capital investment and measures aimed at getting building projects started.
And towards the end of his speech he made the pledge on stamp duty, which is paid by people buying properties over a certain value.
Rates vary across the UK - in England and Northern Ireland it kicks in at £125,000, in Scotland at £145,000 and £150,000 in Wales.
Mr Hammond said his change would benefit 95% of first-time buyers.
What were the universal credit changes?
Another high-profile announcement was on universal credit, which is the government's major reform to the way benefits are paid and is currently being rolled out across the UK.
Campaigners and MPs in all parties have been calling for changes to the way it is managed.
The £1.5bn will remove a mandatory seven-day wait after someone submits a claim, taking the overall wait down from six weeks to five.
Mr Hammond also said it would become easier for claimants to receive an advance.
The economic picture
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.
But he unveiled lower growth forecasts and said that UK productivity remains "stubbornly flat".
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.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.
Other announcements include: On Brexit, Mr Hammond - who has been accused by Eurosceptic MPs of being too pessimistic about life outside the EU - said he was also ready to allocate more cash if needed and that the government would prepare for "every possible outcome".
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. The government will also spend an extra £2.8bn on the NHS in England up to 2022.
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".
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".
A lighter momentA lighter moment
You might also be interested in:You might also be interested in:
Do you have a question about the Budget? Are you satisfied with the measures announced so far? Share your views by emailing haveyoursay@bbc.co.ukDo you have a question about the Budget? Are you satisfied with the measures announced so far? Share your views by emailing haveyoursay@bbc.co.uk
Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:
Or use the form belowOr use the form below