WELCOME, to my LIVE coverage on Chancellor George Osborne’s first-all Conservative budget since 1996. All announcements will be posted as ‘tweets’ below, with discussion afterwards.
LIVE ANNOUNCEMENTS:
AND THAT’S IT. Osborne has commended his budget to the house…
BUDGET: Iain Duncan Smiths reaction to the introduction of a higher National Living Wage…
BUDGET: National Living Wage for 25 & over – £7.20 from April 2016. £9 an hour by 2020 – compulsory.
BUDGET: Government commits to defence spending of 2% of GDP.
BUDGET: Higher tax rate raised to £43,000 – 130,000 people lifted out of high rate tax.
BUDGET: Tax free personal allowance raised to £11,000 – an extra £900 in pocket, Chancellor says.
BUDGET: Families who have a third child after 2017 will NOT receive tax credit or UC support.
BUDGET: Benefits cap of £23,000 in and £20,000 to rest of the country introduced.
BUDGET: Income threshold for tax credits reduced to £3,850
BUDGET: 18-21 yr olds housing benefit = scrapped. Employment and support allowance and family benefits – cut!
BUDGET: Working age benefit FROZEN for 4 years.
BUDGET – WELFARE: He’s cutting incapacity benefit for most new claimants to JSA.
BUDGET: Youth obligation introduced – either earn or learn.
BUDGET: WELFARE – Best route out of poverty is work.
BUDGET: CORPORATION TAX – Cut to 19% in 2017 and 18% in 2020.
BUDGET: ANNUAL INVESTMENT ALLOWANCE – Tax break for businesses now FIXED at £200,000. #Budget2015
BUDGET: INHERITANCE TAX – Threshold raised to £1 million per couple.
Liverpool Council chiefs watching the Chancellors budget and how it will effect the city, and its services. #Budget2015
BUDGET: Sunday trading laws CONFIRMED to be relaxed. Elected mayors & council chiefs will decide opening hours.
BUDGET: , = in discussions for elected mayors.
BUDGET –
Agreement reached with for devolution of further powers on fire services, children services etc
BUDGET: Loans increased to £8,200 possible loan, repayable if you earn £23,000.
BUDGET: Artificial cap on students going to University – abolished. Maintenance grants – replaced from Sept 2016 by loans. #SummerBudget
BUDGET: 3 million more apprentices announced – Apprenticeship levy announced.
BUDGET: Fuel duty will remain FROZEN.
BUDGET: New ‘Roads Fund’ created. VED Bands introduced from 2017.
BUDGET: NEW insurance premium tax to be introduced at 9.5%.
BUDGET: A permanent memorial will be funded for those who were killed in #TunisiaAttack. #SummerBudget #Budget2015
BUDGET: Bank levy gradually reduced over next 6 years. 8% surcharge introduced on profits instead.
BUDGET: Permanent Non Dom tax status abolished from April 2017.
BUDGET: Rise of 1% per year for the next 4 years for public sector workers.
BUDGET: will be given an extra £8 billion
BUDGET: Total £37 billion of tightening needed in this parliament. £12bn from welfare. £5bn from tax evasion, rest from department cuts. #SummerBudget #Budget2015
BUDGET: Budget surplus delayed by one year. Austerity blow is ‘softened’.
BUDGET: ”Britain has… left the age of austerity behind”.
BUDGET: Tax receipts stronger than last year = more money to ‘play’ with.
BUDGET: Deficit will be cut at same pace as the last parliament”
UK economic forecast: 2015 – 2.4% 2016 – 2.3% 2017 – 2.4% #SummerBudget #Budget2015
Osborne: ”A strong requires a strong economy”.
Osborne: ”This is a budget for working people”. #Budget2015
Liam F - Journalist 