Summary of Budget 2017: Key points at-a-glance

Philip Hammond has delivered his second Budget as chancellor. Here are the key points of his speech.

Stamp duty and housing

• Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000

• To help those in London and other expensive areas, the first £300,000 of the cost of a £500,000 purchase by all first-time buyers will be exempt from stamp duty, with the remaining £200,000 incurring 5%.

• 95% of all first-time buyers will benefit, with 80% not paying stamp duty

• Reduction will apply immediately in England, Wales and Northern Ireland although the Welsh government will have to decide whether to continue it when stamp duty is devolved in April 2018

• It will not apply in Scotland unless Scottish government decides to follow suit

• £44bn in overall government support for housing to meet target of building 300,000 new homes a year by the middle of the next decade

• Councils given powers to charge 100% council tax premium on empty properties

• Compulsory purchase of land banked by developers for financial reasons

• £400m to regenerate housing estates and £1.1bn to unlock strategic sites for development

• Review into delays in developments given planning permission being taken forward

• £28m for Kensington and Chelsea council to provide counselling services and mental health support for victims of the Grenfell fire and for regeneration of surrounding area

• New homelessness task force

• Stamp duty cut for first time buyers

• What does the stamp duty change mean?

Alcohol, tobacco and fuel

• Tobacco will continue to rise by 2% above Retail Price Index (RPI) inflation, equivalent to 28p on a pack of 20, while the minimum excise duty on cigarettes introduced in March will also rise

• Duty on hand-rolling tobacco will increase by additional 1%

• Duty on beer, wine, spirits and most ciders will be frozen, equating to 1p off a pint of beer and 6p of a typical bottle of wine

• But duty on high-strength "white ciders" to be increased in 2019 via new legislation

• Fuel duty rise for petrol and diesel cars scheduled for April 2018 scrapped

• Vehicle excise duty for cars, vans and motorcycles registered before April 2017 to rise by inflation

• Vehicle excise duty for new diesel cars not meeting latest standards to rise by one band in April 2018

• Tax hike will not apply to van owners

• Existing diesel supplement in company car tax to rise by 1%

• Proceeds to fund a new £220m clean air fund for pollution hotspots in England

• What the Budget 2017 means for you

• What does the diesel change mean for you?

• Why is white cider being taxed more?

Personal taxation and wages

• Tax-free personal allowance on income tax to rise to £11,850 in line with inflation in April 2018

• Higher-rate tax threshold to increase to £46,350

• Short-haul air passenger duty rates and long-haul economy rates to be frozen, paid for by an increase on premium-class tickets and on private jets

• National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.

The state of the economy

• Growth forecast for 2017 slashed from 2% to 1.5%

• Forecasts for 2018, 2019, 2020 and 2021 revised down to 1.4%, 1.3%, 1.5% and 1.6% respectively.

• Productivity growth revised down by an average of 0.7% a year up to 2023

• Annual rate of CPI inflation forecast to fall from peak of 3% towards 2% target later this year

• Another 600,000 people forecast to be in work by 2022

• £3bn to be set aside over next two years to prepare UK for every possible outcome as UK leaves EU

• Sharp cut to UK growth forecast

The state of the public finances

• Annual government borrowing £49.9bn this year, £8.4bn lower than forecast in March

• Borrowing forecast to fall in real terms in the subsequent five years from £39.5bn in 2018-19 to £25.6bn in 2022-23.

• But projected borrowing has been revised up for 2019-2020, 2020-2021 and 2021-22, compared to March, due to the weaker economic outlook and expected lower tax yields

• Public sector net borrowing forecast to fall from 3.8% of GDP last year to 2.4% this year, then 1.9%, 1.6%, 1.5% and 1.3% in subsequent years, reaching 1.1% in 2022-23.

• Debt will peak at 86.5% of GDP this year, then fall to 86.4% next year; then 86.1%, 83.1% and 79.3% in subsequent years, reaching 79.1% in 2022-23.

• Hammond loosens his belt

Welfare and pensions

• £1.5bn package to "address concerns" about the delivery of universal credit

• Seven-day initial waiting period for processing of claims to be scrapped

• Claimants to get 100% advance payments within five days of applying from January

• Typical first payment will take five weeks rather than current six

• Repayment period for advances to increase from six to 12 months.

• New universal credit claimants in receipt of housing benefit to continue to receive it for two weeks

• What do universal credit reforms mean?

Business and digital

• VAT threshold for small business to remain at £85,000 for two years

• £500m support for 5G mobile networks, full fibre broadband and artificial intelligence

• £540m to support the growth of electric cars, including more charging points

• A further £2.3bn allocated for investment in research and development

• Rises in business rates to be pegged to CPI measure of inflation, not higher RPI, a cut of £2.3bn

• Digital economy royalties relating to UK sales which are paid to a low-tax jurisdiction to be subject to income tax as part of tax avoidance clampdown. Expected to raise about £200m a year

• Capital gains tax relief for overseas buyers of UK commercial property to be phased out, with exemptions for foreign pension funds

• Charges on single-use plastic items to be looked at

• £30m to develop digital skills distance learning courses

• Business rate rises to be eased

• Tech giants targeted over VAT payments

• Research money central to Budget

Education and health (England only)

• £40m teacher training fund for underperforming schools in England. Worth £1,000 per teacher

• 8,000 new computer science teachers to be recruited at cost of £84m and new National Centre for Computing to be set up

• Secondary schools and sixth-form colleges to get £600 for each additional pupil taking maths or further maths at A-level and core maths at an expected cost of £177m

• £2.8bn in extra funding for the NHS in England

• £350m immediately to address pressures this winter, £1.6bn for 2018-19 and the remainder in 2019-20

• £10bn capital investment fund for hospitals up to 2022

• No extra funding for nurses pay but a guarantee that if future pay rises are recommended by independent body, there will be new money

• Cash for maths, no extra on school budgets

• The NHS will get extra money - chancellor

Nations/infrastructure/transport/regions/science

• £320m to be invested in former Redcar steelworks site

• Further devolution of powers to Greater Manchester

• £1.7bn city region transport fund, to be shared between six regions with elected mayors and other areas

• £30m to improve mobile and digital connectivity on TransPennine rail route.

• £2bn for Scottish government, £1.2bn for Welsh government and £650m for Northern Ireland executive

• Scottish police and fire services to get refunds on VAT from April 2018

• Young person's railcard extended to 26-30-year-olds, giving a third off rail fares

• Hammond scraps police and fire VAT bills

• Budget gives extra £1.2bn to Wales

• Extra £650m for Northern Ireland in Budget