Earlier today the Chancellor, George Osborne gave his Budget speech for 2015.
And with the general election on the horizon it’s not surprising that Budget 2015 was a positive recap on the growth of the economy over the past five years.
In the Chancellor’s words:
- We choose economic security.
- We choose jobs.
- We choose the whole nation.
- We choose responsibility.
- We choose aspiration.
- We choose families.
- We choose the future!
The speech itself was over 8000 words but we’ve summarised the most important points for you below:
Personal tax-free allowance
Will be increased to £10,800 in April 2016, and to £11,000 in April 2017. That means you can earn £11,000 before paying any income tax at all, making the typical working taxpayer over £900 a year better off.
The higher rate tax band
Is also being raised so that by 2017/18 you won’t fall into the 40% tax bracket unless you earn over £43,300.
Class 2 National Insurance contributions
For the self-employed are to be abolished entirely in the next parliament.
The annual tax return
To be abolished altogether.
National Minimum Wage
will rise by 20p an hour to £6.70 from October.
Employers’ National Insurance contributions
for under-21s to be abolished from this April, and for young apprentices from April 2016.
The increase scheduled for September is cancelled, making it the longest duty freeze in over twenty years.
And best news of all a penny off a pint for the third year in a row!
Mr Osbourne closed his budget 2015 speech with the following:
- This is the Budget for Britain.
- The Comeback Country.
For the full Budget 2015 report visit https://www.gov.uk/government/speeches/chancellor-george-osbornes-budget-2015-speech