Chancellor George Osborne delivered the first Conservative Budget for 18 years. Unconstrained by being part of a coalition administration, Mr Osborne has set out a broad plan of action which seeks to define the political and economic landscape to 2020 and beyond. The headline announcements include:
- A new national living wage (to reach £9 p/h by 2020).
- The abolition of non-domicile status.
- A Green Paper on pensions tax relief.
- A new levy on large employers to pay for new apprenticeships.
- An increase in the personal allowance and the threshold for the 40p rate of income tax.
- An increase in insurance premium tax to 9.5%.
- A review of the regulation of claims management companies.
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