Chancellor of the Exchequer Philip Hammond is delivering his Autumn Budget statement. Here are the main announcements:
1. £3 billion over the next two years for Brexit preparations
2. Office for Budget Responsibility revises down forecast for GDP to 1.5% in 2017, 1.4% in 2018, 1.3% in both 2019 and 2020, before picking back up to 1.5% in 2021 and 1.6% in 2022 In the spring budget the forecast for 2017 was 2%, with 1.6% in 2018, 1.7% in 2019 and 1.9% in 2020
3. A further £2.3 billion allocated for investment in research and development, and the main R&D tax credit increased to 12%
4. Investment of £500 million in a range of technological initiatives ranging from artificial intelligence, to 5G and full fibre broadband
5. Support for electric vehicles through the establishment of a new £400 million charging infrastructure fund, an extra £100 million in Plug-In-Car Grant, and £40 million for charging R&D
6. From April 2018, the first year vehicle excise duty rate for diesel cars that don’t meet the latest standards will go up by one band, funding a new £220 million Clean Air Fund – but the hike in tax will not apply to vans
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