2015 Budget Key Measures and Responses

gosborne

The full text of the budget speech can be found here.

George Osborne, the Chancellor of the Exchequer, has unveiled the 2015 budget today which is the last before the General Election.

In his speech he said that the UK had enjoyed the fastest level of growth of any G7 country and that debt is continuing to fall as a share of GDP. Key measures introduced include an increase in the personal tax allowance to £11,000 in April 2017 and a new personal savings allowance.

There will also be increased funding of £1.25 billion for mental health care services for children and for the third year beer duty has been cut by 1p with a 2% cut on spirits and most ciders. Charities will also be able to claim gift aid on more smaller transactions, the bank levy will be increased and there will also be a new tax on some companies who trade in the UK but don’t pay any corporation tax.

Ed Balls, the Shadow Chancellor, said that the Conservatives had failed to balance the books which they said they’d do in 2010 and that the Government was borrowing £207 billion more than it had planned. The Labour party also said that it would further cap social security and allow for more homes to be built to help tackle the housing crisis.

Danny Alexander, the Chief Secretary to the Treasury, said that the Liberal Democrats had been key in ensuring that the Government increased the basic rate tax allowance and also in the increasing funding for children with mental health issues.