Chancellor started speaking at 12:34
He opened by saying he will report on an economy growing faster than any other major economy and a deficit falling each year and on course for a budget surplus.
Economy was strong because he did not support short-term fixes. But he warned world economy is weak.
“In this Budget we choose the long term.”
He said Budget would make “Britain fit for the future”.
Chancellor quoted Office for Budget Responsibility (OBR) as warning that global economy outlook is “materially weaker”.
OBR economic growth forecast downgraded from 2.2% to 2% this year, then 2.2% next yr, 2.1% in 2018/19/20.
But OBR forecasted another 1m jobs created in this Parliament.
Called for further cuts and “sensible reforms” to welfare to ensure country leaves within its means.
“Act now so we don’t pay later and put the next generation first.”
“Redouble our efforts on structural reform. Further steps need to be made.”
Announced ‘roadmap for low-tax regime’ that would attract multinational businesses but makes sure they pay the right levels of tax.
Corporation tax to be lowered to 17%. “Britain is blazing a trail, let the rest of the world catch up,” Chancellor said.
Business rates cut. 600,000 firms will pay no business rates at all. Thresholds to rise from £6,000 to £15,000 and from £18,000 to £51,000.
Price of tolls on both Severn Crossings to be halved.
Tax cuts for the oil and gas industry.
£700m increase in spending on flood defences to be paid for by 0.5% increase in insurance premiums by to 10%.
Sugar tax to be introduced in two years’ time. £520m raised will be used to boost sports in schools.
Fuel duty frozen along with beer, cider and spirits. Chancellor says fuel duty freeze will mean a £75 a year saving for the average driver: It’s “the tax boost that keep Britain on the move.”
Said it was a “Budget for working people”.
Closes at 1.38pm by calling it “A budget that puts the next generation first”
Labour leader Jeremy Corbyn says the Budget “has unfairness at its core” and calls it “the culmination of six years of his failures”. He adds: ”Growth is revised down last year, this year and every year that’s forecast – business investment is revised down, government investment revised down.”
It was a budget for hedge fund managers, Mr Corbyn says. ”The poorest have suffered the greatest proportion of the losses. This Budget could have been a chance for real commitment to fairness and equality. The Chancellor has failed.”
