Summer Budget: key points at a glance
George Osborne has presented his first Budget without regard for coalition partners. The measures he has introduced recognise the need to incentivise individuals and businesses, with the promise to balance the nation’s books and reduce debt. We have summarised below some of the more impactful changes.
Some of the measures are surprising: the introduction of a new National Living Wage for the over 25s of £7.20 per hour from April 2016; reductions in Corporation Tax to compensate employers for possible higher wage bills; and far reaching reductions in many state benefits – including Child Tax Credits.
Our summary of these and other tax changes and fiscal incentives follows: