Home
/
RELIGION & LIBERTY ONLINE
/
Transatlantic intelligence: Fast facts on the UK Budget 2017
Transatlantic intelligence: Fast facts on the UK Budget 2017
Oct 15, 2026 9:48 PM

As Americans made their final arrangements for Thanksgiving, UK Chancellor of the Exchequer Philip Hammond unveiled the annual Budget on Wednesday. Here’s what you need to know.

The Budget will spend a total of £809 billion ($1 trillion U.S.), adding £41 billion to the national debt.

It makes two policy changes to address the housing shortage, the most important issue to young Brits. Hammond pledged £15.3 billion to build 300,000 homes a year – but none on the so-called greenbelt, an environmentally protected area. Free market critics say that policy favors the wealthy at the expense of the poor.

Hammond also gives a tax incentive to first-time homebuyers. They will not pay the “stamp duty” (a multi-tiered national tax paid at purchase) on the first £300,000 of any home worth up to £500,000. This, coupled with the decision to give reduced fare railcardsto people up to age 30, is seen as the Conservative Party’s attempt to make (much-needed) inroads with younger voters.

The Budget also spends:

£3 billion over two years to prepare for the UK’s post-Brexit future. This will be especially vital if negotiations fail to realize a “deep and special relationship” after 2019;£100 million to subsidize drivers who purchase electric vehicles;£1.5 to eliminate the seven-day waiting period before making a welfare claim through its Universal Credit system (which handles a variety of programs for e and unemployed people);£2.8 billionto reduce emergency room waiting times in NHS hospital A&Es, which independent observers described as a “humanitarian crisis” earlier this year; and£29 billion for national defense, again meeting NATO guidelines.

Additionally, the Budget imposes higher“sin taxes” on cigarettes, hand-rolled tobacco, and hard cider (but not other forms of alcohol), raising them beyond the rate of inflation.

What’s missing?

Philip Booth writes in a new analysis posted at Religion & Liberty Transatlantic that the Budget could be characterized by its “sins of omission.”

“It is not that the Chancellor did anything especially evil (or virtuous),” Booth writes. “However, he chose not to take decisions that could make a real difference – joining a long line of Chancellors who have put avoiding a potential media backlash ahead of making bold, forward-thinking economic reforms.”

Chief among them, he writes, are:

Housing. British land-use-planning (or zoning) laws reduce supply and, Booth writes, are spurring “young people toward favouring extreme forms of collectivism.” Other mentators agree housing is the Budget’s chief oversight. Sam Bowman, executive director of the Adam Smith Institute (ASI), writes, if “3.7 percent of London’s green belt made available in this way [it] would give us land for one million new homes.” His colleague Sam Dumitriu adds, “If they auction off the planning permission for this land, they could raise billions.” mentators (including Religion & Liberty Transatlantic contributor Ed West) cite other problems with Hammond’s proposed building plan, noting everything from low brick production capacity to high immigration levels.

Simplifying the tax code. The UK’s tax code, Booth notes, is the longest in the world. He gives a flavor of its byzantine nature by focusing on all the variations of just one tax in his essay.

Debt reduction. Great Britain’s annual deficit has fallen “from a peak of 10 percent of GDP in 2009-2010 to 2.3 percent in 2016-17,” said EU missioner PierreMoscovici on Wednesday, while announcing that the EU no longer considered the UK’s debt “excessive.” But Westminster reminded voters this week that “the UK still has a debt of over £1.7 trillion – around £65,000 for every household in the country.”

What does it mean to people of faith?

The Budget continues a dangerous policy rampant throughout the transatlantic space, economically discriminating against the family. Booth writes:

[A]s was revealed in a recent report by the think tank Care, the UK has a tax system which is extremely unfavourable towards single-earner couples. Additionally, taken together, the UK’s tax and benefit systems discriminate against family formation.

This latter feature of the UK tax and welfare system undermines the family as the most important vehicle for the provision of welfare. The family and not the individual should be the basis of taxation.

For more information, read Booth’s full essay at the Acton Institute’s Religion & Liberty Transatlantic website.

This photo has been cropped. CC BY 2.0.)

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
5 facts about Black Friday
Today is the unofficial first day of the holiday shopping season. Here are five facts you should know about BlackFriday. 1. The term “BlackFriday” was coined by the Philadelphia Police Department’s traffic squad in the 1950s. According to Philadelphianewspaper reporter Joseph P. Barrett, “It was the day that Santa Claus took his chair in the department stores and every kid in the city wanted to see him. It was the first day of the Christmas shopping season.” Barrettt first used...
Natural rights revisited during Salamanca University’s 800th anniversary
Note: Some PowerBlog readers might be wondering why the Acton Institute is holding a Rome, Italy, conference on November 29:Globalization, Justice, and the Economy on 16th and 17th Century Spanish scholasticism (The conference will be broadcast on LiveStream. More information here.) Below is an overview of the importance of this school of thought and the historical implications for the nascent era of globalization. With a royal charter established in 1218, a vibrant cathedral school became the Universidad de Salamanca, the...
Wealth creation within global cultural perspectives
Economic development is a key aspect of culture—and at the same time, a challenge to cultural norms. How should Christians reconcile such tension? What is culture’s impact upon the biblical mandate to create wealth for holistic transformation? Earlier this year two evangelical groups, theLausanne MovementandBAM Global, released apaper exploringwealth creation within global cultural perspectives to address these and other questions about culture and wealth creation. In particular, the paper examines the ‘anthropological temptation’: the temptation to idolize culture, and to...
Radio Free Acton: Jordan Ballor on Kuyper, Bonhoeffer and Thanksgiving; Upstream on Alternative Country Music
On this episode of Radio Free Acton, Bruce Edward Walker talks with Ray Nothstine, Opinion Editor of the the North State Journal and Editor at the Civitas Institute, on the alternative country music genre. Then, Caroline Roberts interviews Jordan Ballor, Senior Research Fellow and Director of Publishing at the Acton Institute, on the link between Dietrich Bonhoeffer, Abraham Kuyper, and Thanksgiving. Check out these additional resources on this week’s podcast topics: John Mellencamp official site Carlene Carter official site Lillie...
The other capitalist Thanksgiving story: How trade saved the Pilgrims, and the U.S.
By now the Pilgrims’ disastrous experiment with collectivism in Plymouth, Massachusetts, is well-known, in free market circles if not among the young. The story has been printed and popularized – Rush Limbaugh even recites it annually on his radio program. However, trade merce played another, lesser-known role in the first Thanksgiving – and America’s founding, history, and self-definition. Public schools still teach the familiar history of Thanksgiving: that American Indians taught starving Pilgrims useful practices like fertilization. A grateful Governor...
Transatlantic intelligence: Fast facts on the UK Budget 2017
As Americans made their final arrangements for Thanksgiving, UK Chancellor of the Exchequer Philip Hammond unveiled the annual Budget on Wednesday. Here’s what you need to know. The Budget will spend a total of £809 billion ($1 trillion U.S.), adding £41 billion to the national debt. It makes two policy changes to address the housing shortage, the most important issue to young Brits. Hammond pledged £15.3 billion to build 300,000 homes a year – but none on the so-called greenbelt,...
Explainer: What you should know about ‘net neutrality’
What just happened? Yesterday the Federal Communications Commission (FCC) released a draft of the ‘Restoring Internet Freedom Order,’ a plan to roll back some of the ‘net neutrality’ regulations implemented by the Obama administration. What is net neutrality? Net neutrality (short for “network neutrality”) refers to both a design principle and laws that attempt to regulate and enforce that principle. Thenet neutrality principleis the idea that a public information network should aspire to treat all content, sites, and platforms equally....
Post-Brexit, Daniel Hannan champions the moral case for free trade
In the immediate aftermath of the vote forBrexit, conservatives were quick to cheer Britain’s decision, hailing it as a win for freedom, democracy, and subsidiarity. Others, however, were just as eager to claim it was a move driven by fear and protectionism. Standing in the midst was Daniel Hannan, the British Conservative MEP, who insisted that the causes of national sovereignty and free exchange needn’t conflict. “Being a nation means that we are not just a random set of individuals...
Report: Acton Institute No. 1 in West Michigan nonprofit ranking
In a survey of local charities and nonprofits in the West Michigan region, WZZM TV found that the Acton Institute topped 45 other organizations. David Bailey, an investigative reporter for the Grand Rapids, Michigan-based ABC affiliate, used data from the Charity Navigator nonprofit watchdog organization pile his ranking. You can see a full list of the West Michigan charities and nonprofits at the WZZM website. Here’s a transcript from Bailey’s report: At the top of our rankings is the Acton...
How gratitude empowers the free society
Despite being surrounded by unprecedented levels of opportunity and prosperity, we live in a profoundly anxious age, fearful of economic disruption even as we resist the pull to idolize status, wealth, fortability. When observing the vices that persist amid economic freedom and abundance, many are quick to proclaim, “The market is not enough!” And they’re right. We also need gratitude. “We should bow in gratitude to God for His many favors,” said President Calvin Coolidge in his 1925 Thanksgiving Proclamation,...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved