First time buyers received an early holiday gift today as Chancellor Philip Hammond offered a reduction in the stamp duty for first time buyers, thus cutting away some of the cost of getting onto the property ladder. He also announced that there would be slower economic growth for the UK. There were offerings in the plan to boost the economy such as £1.5 billion to cut the waiting times for universal credit claimants, and an injection of £2.8 billion into the NHS.

He added, “We understand the frustration of families where real incomes are under pressure. So, at this budget, we choose a balanced approach.”

There was also an announcement that he would be able to cut the deficit to below 2% of the GDP by end of parliament, stating, “I reaffirm our pledge of fiscal responsibility and our commitment to the fiscal rules I set out last autumn. But now, I choose to use some of the headroom I established then.”

Labour leader, Jeremy Corbyn, pointed out that Hammond’s claim of economic focus had once offered that the deficit was due to be eradicated in 2015, then 2016, then 2017, then 2020 and now a target of 2025.

According to the Office of Budget Responsibility the budget offered a net giveaway in the short term future, but is was one that is larger than those offered on previous financial statements in the past from Hammond or George Osborne, his predecessor.

With Brexit on the horizon, financial changes are expected for UK families, but experts noted that there is a focus on keeping the housing market viable, and that means keeping it accessible to first time buyers. The housing market is a crucial factor to keeping the economy healthy for all of the UK.