Budget 2015: A Brief Summary of the Key Facts
19 March 2015
On 18 March 2015, Chancellor George Osborne revealed his 2015 Budget. See how it could affect your business and the district below:
• GDP growth forecast to be 2.5% this year and 2.3% next year and 2.4% in 2017
• National debt at 80.4% of GDP in 2014-15, and forecast to be 80.2% in 2015-16
• Borrowing set to fall from £97.5bn in 2013-14 to £90.2bn in 2014-15, £75.3bn in 2015-6, £39.4bn in 2016-7, £12.8bn in 2017-8 before reaching a £5.2bn surplus in 2018-9
• Inflation projected to fall to 0.2% in 2015
• State spending to fall to the level it was in 2000 by 2019
• Further savings worth £30bn need to be found with £12bn from welfare, £13bn from departmental budgets and £5bn from tackling tax evasion.
Business & Employment
• Minimum wage to rise to £6.70ph from October and £8ph by end of decade.
• Corporation tax will be cut to 20%
• National insurance will be abolished for employing under 21s and apprenticeships.
• Greater Manchester & Cambridge able to keep 100% of the extra revenue from increased business rates. This could be considered for other areas.
• Record employment in the UK, with jobless rate to fall to 5.3% this year
• Wifi funding for public libraries
• Comprehensive transport strategy will be funded for the north
• WYCA devolution deal
Tax & Duties
• The tax-free personal allowance to rise from £10,600 in 2014-5 to £10,800 in 2015-16 and £11,000 in 2016-17
• The threshold at which people start paying 40p tax to rise by above inflation from £42,385 to £43,300
• Fuel duty increase scheduled for September to be cancelled
• Beer duty to be cut by 1p on a pint. Cider duty to be cut by 2%, and Scotch whisky duty by 2%.