You have all probably read about and seen the launch of the Autumn Statement which was laid out yesterday by George Osbourne in the House of Commons. Stronger tax receipts and lower borrowing costs allowed the Chancellor to present a relatively generous and fair budget. We are pleased to see that there is heavy emphasis on social welfare and support for people of all ages including the old and the young, here are the main points.
- Cuts to tax credits have been scrapped in favour of universal tax credit.
- The Home Office Budget will not see any long-term cuts (this includes policing).
- The NHS budget will rise to £120 million, with £600 million dedicated to mental health services.
- Pensioner’s basic payment set to increase to £119.30 a week.
- Buy to let and second home buyers set pay 3% in stamp duty.
- 2.3 billion a year will be spent on building new homes over the next five years.
- The £15 million tax raised from sale of female sanitary products will go to women’s health and support charities.
- Council tax bill could potentially rise to £320 in the next five years to increase funding for social care.