Budget Special: Summary
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.1p off tax
Basic income tax rate down 1p to 23p, the 20p tax band widened by pounds 200, 40p threshold up pounds 600, personal allowances up pounds 280, and married couples' allowance up pounds 40.
Petrol up 3p
Drivers pay for environmental damage with car tax up by pounds 5 to pounds 145 a year. Petrol and diesel prices increased by 3p a litre, but tax on ultra-low sulphur diesel is reduced.
Spirits cut 26p
Concerns over under-age drinking led to 40 per cent rise in duty on alcopops. Beer and wine escape increases, but distillers celebrate with tax on spirits cut by 26p a bottle.
15p on cigarettes
Smokers are hit by inflation-busting tax increases. Duty on a packet of 20 cigarettes rises by 15p, on a packet of 10 small cigars by 7p, and on a packet of pipe tobacco by 8p.
Prescriptions rise
Falling ill will cost more. The price for each drug prescription is lifted by 15p to pounds 5.65. Maximum dental charges for a full course of treatment rise by pounds 5 to pounds 330.
Less borrowing
The Public Sector Borrowing Requirement is estimated at pounds 26.5bn for 1996/97, falling to pounds 19bn for the following year and towards zero by the turn of century.
Profits and pay
Tax relief on profit-related pay schemes will be phased out by 2000. The current pounds 4,000 upper tax limit remains until 1998 but will be reduced progessively.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments