GDP growth was.3 in each of the first two quarters of this year and rose.4 in Q3 2017.
And it will be complemented by work to review and improve the rules that inform trusts use of capital funding, to help make sure that they can maintain their facilities most effectively.The upward revision to the DMOs NFR will be delivered through an increase in gilt issuance this year.9 billion.The government will establish a Public Service Leadership Academy to complement existing provision, create networks and share best practice across the public services.The government has made strong progress: housing supply has increased by over.1 million since 2010, including more than 300,000 affordable homes.Cultural Development Fund To support the role culture can play in regeneration and local growth, the government will provide 2 million funding to the Department for Digital, Culture, Media and Sport for place-based cultural winter care package gift ideas development.The government will permanently exempt first time buyers from stamp duty for properties up to 300,000, with purchasers benefiting on homes up to 500,000.(7) Right to Buy pilot The Budget confirms that government will proceed with a 200 million large-scale regional pilot of the Right to Buy for housing association tenants in the Midlands.This will enable faster services between Liverpool and Manchester, Sheffield, Leeds and York, as well as to Leicester and other places in the East Midlands and London.In England, average house prices are now almost 8 times the average workers salary; in parts of the West Midlands, they are over 9 times; in London, they are nearly 12 times.It then falls over the remainder of the forecast period.1 of GDP in 2022-23, its lowest level since 2001-02.It backs the innovators who deliver growth, helps businesses to create better, higher paid jobs and builds the homes the country needs.8.6 2017-18: Reserves The financing arithmetic provides for.0 billion of sterling financing for the Official Reserves in 2017-18.Travel discounts The government will work with industry to extend the benefits of discounted rail travel to ensure those aged 16 to 30 can access appropriate concessions.
In 2021-23, funding for these measures has been allocated from the aggregate total for capital spending.
This requirement is forecast to.4 billion for 2017-18, which represents a downward revision.1 billion relative to Spring Budget 2017.
Classification changes, principally the reclassification of English Housing Associations to the private sector, reduce borrowing.1 billion in 2020-21.4.8 Property tax Business rates At Budget 2016 the government announced major reforms to business rates worth approximately 9 billion by the end of this Parliament, including ensuring that 600,000 businesses will not pay business rates again.Public sector pay In September 2017 the government announced its intention to move away from the 1 basic public sector pay award policy, which is paid to public servants in addition to any incremental pay progression and allowances.In addition to all the decisions in the Budget that apply UK-wide, the government is also taking decisions to provide targeted support in each of Scotland, Wales and Northern Ireland.This includes station improvements at Cardiff Central Station and Swansea, improving Cardiff to Severn Tunnel Junction Relief Lines, and improving journey times between: Swansea and Cardiff; South Wales, Bristol and London; and on the North Wales Main Line.2.22 Debt and reserves management The governments revised financing plans for 2017-18 are summarised in Annex.