Portrait of the Week – 1 November 2018
From our UK edition
Home Austerity was ‘finally coming to an end’, Philip Hammond, the Chancellor of the Exchequer, said in the Budget. He was helped by what he did not call a magic money sapling, in the form of revised estimates of public borrowing in 2018, £11.6 billion lower than forecast. Debt as a share of GDP, from a peak of 85.2 per cent in 2016-17, would still be 74.1 per cent by 2024. Mr Hammond repeated a pledge of an extra £20.5 billion for the NHS over the next five years, with an extra £2 billion a year for mental health services. Councils would get £700 million more for care. The personal tax allowance would rise from £11,850 to £12,500, a year earlier than announced, benefiting 31 million employed people by at least £130 a year.