Over the next five years, the government will commit a total of at least £44bn of capital funding, loans and guarantees to support the UK housing market and will abolish stamp duty for all first-time buyer purchases up to £300,000 with effect from today, according to Chancellor Philip Hammond.

Delivering the Budget today, Hammond said the government is on track to reach 300,000 new homes per year.

A £1.5bn package to address concerns about the operation of the Universal Credits system was also announced.

Hammond said claimaints will not have to wait seven days before they are entitled to money. The repayments period for advances will be extended from six months to 12 months.

Concerning the personal allowance, from April, Hammond said the Conservatives will increase the personal allowance to £11,850 and the higher rate threshold to £46,350. In 2018-19 a typical taxpayer will pay £1,075 less income tax than in 2010-11.

“When we came in to office the personal allowance was £6,475 per year,” he stated.

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