Chancellor Philip Hammond has just announced the final Spring Budget, and in it we saw investment in education (some controversial), money allocated towards the crisis in social care, increased NI on the self-employed and much more.
What you said On Monday 6th March we asked our Twitter users to decide which of our choices they thought were the most important factors in the Budget – almost half our 4,265 respondents (47%) said social care, NHS and benefits were, with 25% saying national living wage and 22% income tax rates.
Among the most popular topics mentioned in ‘other’ were the state pension, defence and clamping down on tax havens, while by and large people accepted that tax rises would be needed as long as they could be ring-fenced for NHS and social care. Anyway, here’s a summary of what he said….
The national living wage will rise to £7.50 per hour in April.
Personal allowance (how much you can earn in a year before being taxed) will rise to £11,500 – the seventh consecutive annual rise, with a rise to £12,500 the target by 2020.
The Chancellor announced his first (and last) Autumn Statement on 23 November, and some of the main focuses were in housing, allowances and infrastructure.
We went into the streets to ask what people would do if they were chancellor. Watch the video to find out!
The main headlines – a brief summary
A £2.3bn housing infrastructure fund is to unlock land for housing, which in doing so is set to create 100,000 new homes in areas of high demand. There’s also a further £1.4bn to build 40,000 affordable home, as well as a new venture that aims to give the Right to Buy for housing association tenants.
How will #Budget2016 affect you? The Chancellor said “we have to act now so we don’t have to pay later”, and we’ve heard proposals for cuts, funding and changes that could affect all of us around the country in different ways.
We’ve picked out 5 key areas from #Budget2016.
- Changes to income tax - As promised in last year’s summer budget, tax-free personal allowance will rise from £10,600 in 2015/16 to £11,000 from April. It will then go up a further £500 in April 2017 to make it £11,500 that you can earn before you have to start paying income tax.
The 40p tax threshold rises from £42,385 to £43,000, with a further increase to £45,000 in April 2017 as the Chancellor speeds up attempts to increase it £50,000 by 2020. Continue reading →
The Chancellor’s spring budget arrives on Wednesday 16 March. It’s the last one before the nation goes to the polls for the referendum on EU membership, so it will be interesting to see what emerges.
Many of us are likely to be affected in different ways, from income tax to benefits, from housing to savings. What have the experts been predicting for the Budget 2016 headlines?
As promised in last year’s summer budget, personal allowance (how much you can earn tax-free before you start paying income tax) will rise from £10,600 in 2015/16 to £11,000 from April, while the 40p tax threshold rises from £42,385 to £43,000. Continue reading →