So for the first time in nearly 20 years a non-coalition Conservative government were able to announce their own budget.
George Osborne introduced what he viewed as a budget focussed on the economy of the UK as a whole. Opinion as usual is mixed, but you cannot ignore what many are calling a “radical” budget.
Several key points from the Chancellor’s announcements are as follows:
Introducing a new National Living Wage of over £9 an hour by 2020.
The tax-free Personal Allowance will be increased from £10,600 in 2015-16 to £11,000 in April 2016.
Corporation tax cut from 19% to 18% by 2020.
Insurance taxation raised from 6% to 9.5%
Banks to be taxed with an 8% levy on profits to be introduced.
Taking the family home out of Inheritance Tax
Amended new car application VAT.
3million apprenticeships schemes for young workers to be introduced by 2020.
Dividends Tax regime to be changed.
Annual Investment allowance to be increased PERMANENTLY to £200k per annum from January 2016.
Some interesting announcements and it will be interesting to see the impact it has on the country and economy over the next few years.