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  1. ITV Report

Budget 2017: The key points from the Chancellor's speech

Philip Hammond delivers his Budget in the House of Commons

The Chancellor has delivered his "forward looking" Budget which he believes will help Britain meet future "challenges head on".

Here are the key policies and major announcements from Philip Hammond's speech.

  • First-time buyer stamp duty for homes up to £300,000 abolished

Stamp duty is to be abolished for first-time buyers on properties up to £300,000.

For properties in high price areas in excess of £300,000 the measure will apply on the first £300,000 of a purchase.

It means 95% of first-time buyers will see at least a cut in the amount of stamp duty, with 80% paying none at all.

Stamp duty for first-time buyer purchases up to £300,000 will be scrapped. Credit: PA
  • £350m extra for the NHS this winter

Mr Hammond acknowledged the NHS "is under pressure right now" and said the Government would commit £350 million immediately to allow trusts to plan for this winter.

He also made an additional commitment of £2.8 billion to the NHS in England with £1.6 billion in 2018/19, then the remainder in 2019/20.

The Chancellor said the additional funding will allow health trusts to plan for this winter. Credit: PA
  • Extra £3bn set aside for Brexit

The Chancellor announced an extra £3 billion will be set aside over the next two years to prepare for "every possible outcome" as Britain prepares to exit the European Union.

Mr Hammond also said he stands ready to allocate further sums "if and when needed".

Mr Hammond said almost £700 million has already been invested in Brexit preparations. Credit: PA
  • Drivers of diesel cars face higher taxes

From April 2018, drivers of new diesel cars will face higher road taxes unless their vehicles meet the toughest emissions standards

It will help fund a new £220 million Clean Air Fund - but the hike in tax will not apply to vans.

Drivers could find themselves pumping more money because of their diesel cars. Credit: PA
  • £400m for electric car charging infrastructure

There will be more 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 research and development.

  • Universal Credit £1.5bn package

Mr Hammond announced that the wait for the initial payment for Universal Credit claimants will be cut from six to five weeks.

MPs, unions and charities have been warning that the six-week wait for claimants before receiving their first payment is unfair and has caused hardship.

The Chancellor has earmarked £1.5 billion to cut the waiting period for payments and announced moves to make it easier for claimants to receive an advance payment.

  • £44 billion to deliver 300,000 new homes a year

At least £44 billion of capital funding, loans and guarantees will be made available over five years to support house-building.

Mr Hammond said the government wants the target of delivering 300,000 new homes a year to be met "by the mid-2020s".

  • National Living Wage to rise to £7.83ph

From April 2018, the National Living Wage will rise by 4.4% from £7.50 an hour to £7.83.

The measures are aimed at leaving tax-payers with more money in their pockets. Credit: PA
  • Tax-free personal allowance to rise to £11,850

The personal tax-free allowance will increase to £11,850 and the higher rate threshold to £46,350 in April 2018.

It could leave the typical basic rate tax payer £1,075 a year better off compared to 2010.

  • £28m to help with Grenfell Tower fire aftermath

A further £28 million has been allocated to help with the aftermath of the Grenfell Tower fire.

The fire in west London in June left 71 dead, hundreds homeless with many more requiring support for trauma.

The extra funding will help pay for regeneration and support services. Credit: PA
  • £40 million to train maths teachers

The government will provide £40 million to train maths teachers.

There will be a new £600 Math Premium for schools, for every additional pupil who takes A level or Core maths.

A further £20 million will be made available to support further education colleges to prepare to deliver new technical qualifications called T-levels.

The number of trained computer science teachers will be tripled to 12,000.

There will be increased funding for maths teacher training. Credit: PA
  • Business rates to rise increase in line with CPI rate

From April, business rates will increase in line with the CPI rate of inflation rather than the higher RPI rate.

It is thought the move will save firms £2.3 billion over the next five years.

Mr Hammond also set out measures to compensate firms affected by the so-called "staircase tax" which hits firms with premises on different floors of a building.

  • Alcohol and tobacco duties

Mr Hammond said the government would legislate to increase duties on "so-called white ciders" from 2019.

But duties on other ciders, wines, spirits and beer will be frozen, he said.

Duties on wines, spirits and beer will be frozen. Credit: PA

The tobacco duty escalator will continue, meaning duty will go up by the rate of inflation plus 2%.

There will also be an additional 1% duty on hand rolling tobacco this year.

  • Fuel duty rise cancelled

A fuel duty rise for both petrol and diesel which had been scheduled for April has been cancelled.

  • Extra money for transport infrastructure

Mr Hammond pledged to get the UK "firing on all cylinders" with a range of investments in transport projects.

Plans include a £1.7bn Transforming Cities fund aimed at boosting links between prosperous city centres and struggling suburbs.

The Chancellor also announced £300 million will be invested to ensure the HS2 high-speed rail project can accommodate future rail improvements.

Devolution deals with the West Midlands and North of the Tyne regions will see them able to allocate funding locally.

There will be a range of investments in transport projects Credit: PA
  • New railcard for those aged 26-30

A new railcard has been announced that offers discount fares for people under aged 26 to 30, which the government says will benefit up to 4.5 million young people.

  • Freeze on Air Passenger Duty rates

For air travellers, there was another freeze on short-haul Air Passenger Duty rates and long-haul economy rates.

Mr Hammond said it would be funded by an increase in duty on premium class tickets and private jets.

  • £500m for technological initiatives

An investment of £500 million will be made in a range of technological initiatives ranging from artificial intelligence, to 5G and full fibre broadband.