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Osborne unveils new budget “for working people”


George Osborne, Chancellor of the Exchequer, today unveiled his new Conservative Budget which scrapped student grants, froze benefits and cut billions from tax credits and other welfare payments.

The Budget held the £12 billion in welfare cuts the Conservatives promised in their manifesto, which has been spread over three years, not two like originally promised. It included massive cuts to welfare payments, such as housing benefit for people under 21, a benefits cap of £20,000 (£23,000 for families in London), and support for children through tax credits and universal credits being limited to two children.

The Budget also increased the inheritance tax threshold to £1 million for married couples, froze working age benefits for four years, scrapped maintenance grants for students and limited public sector pay to a 1% a year rise for the next four years.

Osborne has also vowed to introduce a “national living wage” of £9 a hour by 2020, he will increase the personal tax allowance to £11,000 and will pump a further £8 billion into the NHS.

Labour's acting leader Harriet Harman said the economy needed to be strengthened "but not at the expense of people being made worse off".
Labour have backed plans to reduce the benefits cap, but focused her attacks on the need to boost productivity in the UK and help people on low incomes.

What do you think?

Do you think you will be effected by the 2015 summer Budget at all? If so, let us know by tweeting us @financialuk

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