Income tax threshold to be raised to £11,500 in April, from £11,000 now.

Tax savings on salary sacrifice and benefits in kind to be stopped, with exceptions for ultra-low emission cars, pensions, childcare and cycling.

National Living Wage to rise to £7.50 from April next year.

Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017.

Insurance premium tax to rise from 10% to 12% next June.


Office for Budget Responsibility growth forecast upgraded to 2.1% in 2016, then downgraded to 1.4% in 2017. OBR forecasts growth of 1.7% in 2018, 2.1% in 2019 and 2020 and 2% in 2021.


Debt will rise from 84.2% of GDP last year to 87.3% this year, peaking at 90.2% in 2017-18.

OBR forecasts borrowing of £68.2bn this year, then £59bn in 2017-18, £46.5bn in 2018-19, £21.9bn in 2019-20 and £20.7bn in 2020-21.

£23bn to be spent on innovation and infrastructure over five years.

£2bn per year by 2020 for research and development funding.


A £2.3bn housing infrastructure fund to help provide 100,000 new homes in high-demand areas.

£1.4bn to deliver 40,000 extra affordable homes.


£1.1bn extra investment in English local transport networks.

£220m to reduce traffic pinch points.

More than £1bn for digital infrastructure.

100% business rates relief on new fibre infrastructure.

£1.8bn from Local Growth Fund to English regions.

Rural Rate Relief to be increased to 100%, “giving small businesses a tax break worth up to £2,900”


Universal Credit taper rate to be cut from 65% to 63% from April at a cost of £700m.

No plans for further welfare savings in this parliament.


Fuel duty rise cancelled for seventh year in succession

For the oil and gas sector, the Carbon Price Support will be capped until 2020 and business rates reductions worth £6.7bn will be implemented.

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