By Our Foreign Affairs Reporter
LEGISREPORTS NG – British Chancellor of the Exchequer, George Osborne today walked into the houses of Parliament carrying a red briefcase (the word budget comes from the French “bougette”, meaning small bag) to deliver his budget speech in the House of Commons.
This will be the second budget of 2015; the first was back in March. That was under a coalition government, which meant Mr Osborne had to negotiate with the Liberal Democrats in drawing it up. Today’s event will be the first budget under a majority Conservative government for 18 years.
The budget has three ingredients. It is a summary of how the economy is doing; it gives a list of new tax and spending decisions from the government; and it contains a large dollop of political spin.
Here are some highlights of the budget presentation by Chancellor George Osborne:
Chancellor delays plan for a budget surplus by a year
Borrowing for this year revised down to £65.9bn
£37bn of spending cuts planned for parliament
Public sector pay awards of 1% a year for next four years
Mortgage interest tax relief to be limited on buy-to-let
Tax on companies’ profits to be cut to 18%
Bank levy rate to be reduced over six years
New compulsory living wage of £9 hour by 2020
Cuts to welfare spending to save £19bn by 2020
Tax on corporate profits to be cut to 18%
More details later…
Post from Legis Reports Ng