Spring Budget 2017 - at a glance

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9 March 2017 | Money Matters

The Chancellor of the Exchequer, Philip Hammond, has just announced the government's financial plans for the coming months in the Spring Budget.

Here is our summary of the top talking points from his speech:

 

Education

Schools, learning and opportunities to succeed had plenty of airtime in the Chancellor's speech.

The government will provide £300m to support new PhD places and fellowships in science, technology, engineering and maths subjects.

There will be an additional £216m of funding made available to schools, while 'T-Levels' for technical education will be introduced.

Technology

Mr Hammond has set aside £270m for new technologies such as robots and driverless cars to be worked on and trialled.

A further £200m will be spent on local broadband networks to boost internet connectivity throughout the UK.

 

Personal savings

The government will provide a helping hand for savers, as the Investment Guaranteed Growth Bonds will be offered by National Savings and Investments from April, paying interest of 2.2%

The new bond will be available for people aged 16 and over, subject to a minimum investment of £100 and a maximum of £3,000. Savers must lock in their money for 3 years.

Health

A total of £100m has been made available to fund more GPs in accident and emergency departments for next winter.

Mr Hammond also confirmed that a total of £325m will go towards the first NHS Sustainability and Transformation Plans.

 

Lifetime ISA and the Living Wage

The Lifetime ISA will begin in April, with savers able to put away up to £4,000 a year, with a government bonus of 25% for those who use the money to buy a home.

A rise to the national living wage, from £7.20 to £7.50, will be set in place from April.

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