What is the Budget 2018?

There are two types of people in the world. Those who will be ultimately gripped and streaming BBC Radio Four on Monday and those of us who would love to do the same but don’t have a bloody clue what’s going on.

But hold tight party crew (whichever party you’re aligned to that is) we’re here with the fast guide to the 2018 Budget.

WHO

Philip Hammond, Chancellor, presenting his outline of the government’s plans for tax and spending. (Plans that will start in the next official financial year, April 2019.) He will be presenting to the House of Commons.

FYI: Hammond or Spreadsheet Phil as he’s known to his pals, is also one of parliament’s richest MPs, with his net worth estimated at around £8.4m back in 2014.

WHAT

Key themes for this year include:

The NHS

The government has said it will find an extra £20bn to support the NHS by 2023. All eyes are on Hammond for the solution because the money has to come from somewhere.

BREXIT

The dreaded word. This is the final Budget that will be delivered whilst we’re in the European Union, so making sure the economy is prepared for our exit will be a key part of the speech.

Taxes

You may have seen the headlines before that focus on the prices of alcohol, sugar-items and cigarettes going up or down, well this is where it all stems from. More commonly known as ‘sin taxes,’ any change will likely come into effect immediately after budget day.

Simplified Savings

ISA’s were absolutely loved by everyone until everyone started offering them. Without Martin Lewis as your PA, it’s pretty difficult to navigate through which is best. It’s thought Hammond will address this and hopefully provide a simplified solution.

Home and Property

Some have predicted that there will be tax breaks for buy-to-let landlords and also a reduction in stamp duty for first time buyers.

WHEN

Monday October 29 at around 3:30pm. Slightly earlier than other years so that it doesn’t clash with the final Brexit negotiations in November.

The speech usually lasts an hour, however the longest ever recorded in history was that of William Gladstone, lasting four hours and 45 minutes.

WHERE

The House of Commons but you can watch live on parliamentlive.tv, the Guardian online, Sky or BBC News or listen on BBC Radio Four.

SharpLifeWhat is the Budget 2018?

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