Every summer the Chancellor of the Exchequer gives his Budget to Parliament.Known as the Summer Budget, this outlines the party’s policies to Parliament. This year, Chancellor George Osborne delivered the first Conservative Party Budget in eighteen years on Wednesday 8th July.
Key points included the following:
A new national living wage of £7.20 an hour starting next April
A reduction in corporation tax to 18% by 2020
An overhaul of the non-dom tax status
An increase in the tax free personal allowance
£12 billion worth of benefit cuts.
For a comprehensive examination of the Summer Budget, we’ve put together a summary of the key points, and how you might be affected.