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- Financial Statement and Budget Report: Budget 2016
Financial Statement and Budget Report: Budget 2016
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The Summer Budget (HC 264) outlines the actions the Government will take to ensure economic security for working people, while setting out bold reforms on tax and welfare to create the conditions for strong growth throughout the UK. Steps introduced for working people: a new National Living Wage for workers aged 25 and above, aiming to reach over 9 by 2020, employment allowance to be raised to 3, 000 from April 2016, a levy on large employers to fund three million new apprenticeships will be introduced, a reduction in taxes for working people by further increasing the personal allowance to 11, 000 in 2016-17 and the higher rate threshold to 43, 000, and News for young families: From September 2017 free childcare entitlement will be doubled from 15 hours to 30 hours a week for working parents of 3 and 4 year olds. The next stage of welfare reform:
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