What you need to know about a new Budget 2015

New George Osborne’s Budget 2015

A new Conservative Budget in nearly 20 years is making a shift to a Tory economic model, focussing on economic, financial and national security of the UK.

The following key changes are being planned for the UK budget 2015:

  • New National Living Wage for over-25s will increase to £7.20 an hour from next April and £9 an hour from 2020.
  • 2 per cent of Britain’s national income will be spent on defence for the next decade.
  • Public sector pay rises will be frozen at 1 per cent for the next four years.
  • The cap on the number of university students will be scrapped. Maintenance grants will be replaced with maintenance loans, which will begin to be repaid when graduates earn more than £21,000 a year.
  • Inheritance tax scrapped on family homes worth up to £1m.
  • The household benefits cap will be reduced to £23,000 in London and £20,000 elsewhere.
  • Working age benefits will be frozen for four years, including tax credits and housing benefit, but not maternity allowances.
  • Child tax credit will be limited to two children for those born after April 2017.
  • The income threshold for working tax credits will be cut from £6,420 to £3,420, ensuring that the benefit it targeted at the poorest.
  • The tax-free personal allowance will be raised to £11,000 next year, and the higher rate threshold boosted to £43,000.
  • Corporation tax will be cut to 19 per cent in 2017 and 18 per cent in 2020.

Around £5bn will be saved over the next five years by tackling tax avoidance, planning, evasion, compliance, and imbalances in the tax system.

Chancellor George Osborne is also planning to cut £12bn from the welfare budget over the next four years, beginning with a Welfare Reform and Work Bill due to be published tomorrow.

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