The Chancellor of the Exchequer, George Osborne MP, presented his most recent budget to Parliament on 16th March 2015. This is the eighth budget delivered by the Chancellor. In his budget speech the Chancellor outlined how the Government plans to raise and spend money in the coming year. Some key points of the budget include:-
- The Chancellor noted that the budget figures as announced today were predicated on the UK voting to stay within the EU at the forthcoming referendum.
- £12 billion projected to be raised by 2020 through new measures to curtail tax avoidance and evasion, and a further £9 billion from closing corporate tax loopholes.
- The tax-free personal allowance will rise to £11,500 in April 2017 (set to rise to £10,800 this coming April).
- Those aged 18-40 will be eligible for a new ‘Lifetime-ISA’ from April 2017. Details available here.
You can find all of the budget documents on-line on the HM Treasury Website.
The House of Commons Library has produced a briefing paper on the Background to the 2016 Budget.
The full text of the Chancellor’s statement is available from the HM Treasury website.
For any further information on Official Publications, or economic statistics produced by the Government, contact the Maps, Official Publications and Statistics Unit on level 7 of the Library.