People Management rounded up the things businesses need to know after Philip Hammond’s second budget this year.
- Investment in skills
Hammond offered a £20m investment in a national retraining scheme designed to boost digital skills and the expansion of the tech sector. This will be in the form of digital skills distance e-learning courses. The chancellor announced another £3m investment towards aiding uptake of the apprenticeship levy.
Tax rates and national living wage
The personal tax allowance will increase to £11,850 and the higher-rate threshold to £46,350 from April 2018. With the OBR forecasting another 600,000 people in work by 2022, the government announced that the national living wage would rise 4.4 per cent from £7.50 an hour to £7.83 from April.
- Pensions allowance rise
The lifetime allowance for pension savings will increase in line with the consumer price index, rising to £1,030,000 for 2018-19.
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