Economy

Budget 2017: Minutehack's Live Ticker

Get all your Budget 2017 updates affecting UK entrepreneurs here. News will be updated as the announcements are made.

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Get all your Budget 2017 updates affecting UK entrepreneurs here. News will be updated as the announcements are made.

Economy

Budget 2017: Minutehack's Live Ticker

Get all your Budget 2017 updates affecting UK entrepreneurs here. News will be updated as the announcements are made.

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Chancellor Philip Hammond is delivering his 2017 Budget in the House of Commons. What are the big issues impacting growing UK businesses? What colour tie is he wearing? How many sips of water will he take? All will be revealed.

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12.30pm: Theresa May is responding to Prime Ministers Questions ahead of the Budget announcements.

Philip Hammond is due to start speaking at 12.45pm, give or take a few minutes.

12.32pm: Mr Hammond appears to be wearing a mid-blue tie.

12.35pm: He is expected to deliver measures for social care and to alleviate the impact of higher business rates. 

It has been trailed by the government as a positive Budget against a backdrop of Brexit negotiations which will kick off soon.

12.37pm: The Budget begins.

"We are building the foundations of a stronger Britain," says Mr Hammond.

This will be the last Spring Budget.

British economy growth was faster than all modern economies apart from Germany from last year.

No room for complacency, however. Debt still too high, while productivity is "stubbornly low".

12.42 pm: OBR forecast upgrades growth forecast in 2018 to 2% from 1.4% - a massive upward revision.

Growth will slow to 1.6% in 2019 before picking up again.

Inflation will hit 2.4% this year, before falling back to 2% by 2020.

12.44pm Borrowing this year will be £16.4bn lower than forecast in the Autumn Statement.

12.47pm: Britain's debt is nearly £1.7 trillion - eye-watering, so "no unfunded spending".

12.48pm: Diane Abbott is texting/emailing/tweeting on her phone - surely time to switch off for a bit?

12.51pm: Introduction of quarterly tax reporting will be delayed for one year for companies with turnovers falling beneath the VAT threshold (about £80k).

12.52pm: Business rates relief: small businesses coming out of rate relief will get a cap of £50 per month.

Local pubs to get a £1,000 discount for pubs with a rateable value of under £100,000.

£300m fund for "hard cases" allocated by local councils.

12.54pm: Sip of water

12.55pm: New measures on businesses that avoid taxes with complex arrangements and structures.

12.56pm: Freelancers and sole traders should not be motivated by paying less tax. Differences in tax treatment is a "key driver" for setting up companies says Mr Hammond.

1pm: NICs difference between self-employed and employed unacceptable, says the chancellor. Mr Hammond says he will act - April 2018 class 4 NICs will rise 1% to 10% with a further 1% the following year.

1.o3pm: Tax-free dividend allowance for company directors will be cut from £5,000 to £2,000 per director. Not long ago directors could get more than £30,000 tax free.

1.08pm: Childcare allowance for working families will double to 30 hours a week. Worth £5,000 a year, says the chancellor.

1.12pm: Some jokes at the opposition's expense - one about professor Stephen Hawkin rejecting Labout leader Jeremy Corbyn's opposition.

The Midlands Engine Strategy, the sister of the Northern Powerhouse, will be published on Thursday.

1.20pm: Funding allocated for 110 new free schools.

1.22pm: Introduction of "T Levels" for career-focused qualifications at school level for 16-to-19 year-olds. Maintenance loans for higher technical qualifications for 18+ year-olds.

1.25pm: Social care system. £2bn for local authorities over three years to deliver new care packages.

1.32pm: That's all folks - the chancellor re-takes his seat.

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Budget 2017: Minutehack's Live Ticker

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