25 September 2017   |  Last Updated 20-03-2015 10:58

      Budget 2015 - facts and figures


      CHANCELLOR George Osborne has today announced plans to help first time home owners get on the housing ladder with the help of a new help-to-buy ISA in a budget that has already been clouded in controversy. 


      In today's projection on 2015-16 spending, Chancellor Osborne pledged tax breaks for savers, announced a 50% decrease in the deficit and lowered tax on beer and cider.

      Yet the leader of the opposition, Ed Milliband, has claimed that Mr Osborne has "failed the working families of Britain". He said: "For the first time since the 1920s, people are earning less at the end of a government than they were at the beginning."

      Just hours after the release of the Budget, key critics have voiced concerns over another another term under the Coalition Government.

      Greater Manchester Council Leader, Sir Richard Leese, said. “This economic plan does not recognise that economic recovery not only needs people in work, but good neighbourhoods for them to live in. 

      “Houses, Schools, Libraries, parks, clean streets, support when you need it – the things cash starved Councils – starved by this government – are increasingly struggling to provide.”



      The Budget in Figures

      Budget in figuresClick here for the full graphic

       

      The Winners

      Pubs and drinkers:

      1% fall in the cost of beer and 2% fall in tax of ciders and spirits will make your pint cheaper. Freeze on wine and cigarettes.

      North Sea oil and gas:

      • Osborne revealed an extra £1.3bn for the struggling North Sea oil and gas industry.

      First Time Buyers:

      • New help-to-buy ISA will allow individuals over 16 to put in up to £12,000. Government will put in £3,000 or £6,000 for couples.

      Savers:

      • Banks and building societies to cut 20% on savings tax.
      • Basic rate taxpayers (lowest band) can earn up to £1,000 interest without having to pay tax. Higher rate taxpayers get same deal but for £500 interest.
      • Personal allowance rise from £10,600 to 10,800.
      • Higher rate tax threshold to rise to £42,700 in 2016.

      Self-taxers:

      • Digitisation of tax return process will please the self-employed.


      The Losers

      Social Housing and homeless:

      • Help-to-buy ISA does nothing for those on social housing waiting lists, temporary accommodation or the homeless.

      Students:

      • No news on previously mentioned £10,000 loans promised for taught master’s courses.
      • Those priced out of higher education have to apply for steep bank loans.

      NHS:

      • Completely ignored in the budget report. Labour’s Ed Miliband  said that the country was “worse off and the NHS is worse off on his watch - and that is why working families cannot afford another five years of

      Toby Cryne

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