The Manufacturer provides live coverage of the Summer Budget 2015 from Chancellor George Osborne. Refresh your browser for the latest updates.
Chancellor George Osborne:
1:12 “I am introducing a new National Living Wage of £7.20 [an 11% rise from the current £6.50] to replace the National Minium Wage from April 2016. Two and half million people will get a pay rise. In total, six million people will see their pay rise as a consequence. The National Living Wage will be £7.20 per hour, rising to £9 per hour by 2020 for people over 25 years of age.”
Key Points:
- New compulsory living wage of £9 per hour by 2020
- Plan for a budget surplus postponed by a year
- £37bn of spending cuts planned for this Parliament
- Tax on corporate’ profits to be cut to 18%
- Cuts to welfare spending to save £19bn by 2020
- Borrowing for this year revised down to £65.9bn
- Public sector pay awards of 1% a year for next four years
- Mortgage interest tax relief to be limited on buy-to-let
1:08 “To create more jobs, corporation Tax is to be cut from 20% to 19% in 2017, and to 18% by 2020.”
1:06 “We want to promote manufacturing growth. Accordingly, the Annual Investment Allowance for qualifying plant and machinery will be increased to £200,ooo and stay at that level.”
1:04 “From 2016 – 2017, University student maintenance grants will be replaced by loans – up to £8,200, payable on graduate incomes above £21,000.”
1:01 “Apprenticeships – to often large companies push workforce training onto others. We need a radical, and frankly long overdue approach. We will introduce a new apprenticeship levy on all large companies ensuring that those firms who offer apprenticeships can get more back than they put in. We are committed to bringing in three million more apprenticeships.”
12:53 “Transport – four-fifths of all journeys in this country are by road. In the past 25 years there’s only been 300 miles of new motorway, we need to find a long-term solution if we are to fix Britain’s roads. By 2017, three quarters of new, lower-emission cars will pay no vehicle duty in the first year. This is not sustainable. From 2017, new cars will pay emissions-based vehicle excise duty (VED) across three bands zero emission, standard and premium. The proceeds of which will be spent on roads.”
12:51 “Today, I am abolishing permanent non-dom tax status. Anyone resident in the UK for more than 15 of the past 20 years will pay full British taxes. It will come into affect in April 2017 and will raise an additional £1.5 billion. British people should pay British taxes while in Britian.”
12:50 “I am setting aside an extra £750 million for HMRC to raise £2 billion of extra tax combating tax evaders.”
12:48 “Public spending should reflect public priorities. Our priority is the NHS. We will fund fully the plan the NHS has itself for the future. I can confirm today that the NHS will recieve a further £8bn to the £2bn already committed this year.”
12:47 “No cuts will be as deep as those seen in 2011 – 2012 and 2012 – 2013.”
12:46 “There are a record number of women in work and the gender pay-gap is at an all time low.”
12:43 “”Over the past five years, our tax receipts are stronger than forecast, showing the recovery is firmly entrenched.”
12:41 “We should cut the deficit at the same pace as we did on the last parliament. At this pace the national debt is lower as a share of our national income in every future year than when I presented the Budget in March. And it is achieved without a rollercoaster ride in public spending. This is a budget that puts economic security first.”
12:39 “We need to see investments at home matched by exports abroad. Higher investment leads to more jobs. Under the current economic condition more than 1 million more jobs will be created over the next five years. We want to go further and see 2 million on the road to permenant jobs.”
12:38 “This is a Budget that sets out a plan for Britain for the next five years to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country we intend to create.”
12:36 “We are going to be bold in building infrastruce and a Northern Powerhouse.”
12:35 “We’re growing faster than any other major advanced economy. Our businesses have created two million more jobs. But the greatest mistake this country could make would be to think all our problems are solved. You only have to look at the crisis unfolding in Greece as I speak, to realise that if a country’s not in control of its borrowing, the borrowing takes control of the country.”
12:34 “This is a Budget that puts security first, and recognises the hard-working British people. From a one nation Government, this is a one nation budget – a Conservative budget for the whole of the Britain.”
