The 2015 United Kingdom summer budget was delivered by

George Osborne George Gideon Oliver Osborne (born Gideon Oliver Osborne; 23 May 1971) is a former British politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State from 2015 to 2016 in the ...

, the

Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Ch ...

, to the House of Commons on Wednesday, 8 July 2015. This was the first fully

Conservative Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in ...

budget since that presented by

Kenneth Clarke Kenneth Harry Clarke, Baron Clarke of Nottingham, (born 2 July 1940), often known as Ken Clarke, is a British politician who served as Home Secretary from 1992 to 1993 and Chancellor of the Exchequer from 1993 to 1997 as well as serving as de ...

in 1996.

Background

The background to the budget was that of significant economic growth at 3%. The budget proposes spending of £742 billion and an income of £673 billion in 2015-16; a deficit of £69 billion (almost 10% of UK public spending). The budget passed with a majority of 30 votes (320 votes for, 290 against with 36 abstentions). All Conservative MPs voted for the budget (with 9 abstentions). The Labour party voted against the bill with 19 MPs abstaining.

Measures

* £750 million extra granted to

HM Revenue and Customs HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible fo ...

to tackle tax avoidance * Income tax

personal allowance In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a give ...

raised to £11,000 * Ordoliberal measures to introduce tax incentives for large corporations to create apprenticeships, aiming for 3 million new apprenticeships by 2020 * A

national living wage The National Living Wage is an obligatory minimum wage payable to workers in the United Kingdom aged 23 and over which came into effect on 1 April 2016. it is £9.50 per hour and it is set to rise to £10.42 in April 2023. It was implemented at a ...

of £9 an hour to be introduced by 2020 for 25+ year olds *

Inheritance tax An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an e ...

threshold raised to £1m by 2017 for married couples *An £800 increase in the amount of maintenance loan paid out to poorer students, paid for by replacing maintenance grants with loans *

Benefit cap The benefit cap is a British Coalition government policy that limits the amount in state benefits that an individual household can claim per year. The benefit cap was introduced in 2013 at £26,000 per year (£500 per week) which was the averag ...

reduced to £23,000 in London and £20,000 in the rest of the country * Starting in April 2016, the Dividend Tax Credit will be removed and replaced with a tax-free Dividend Allowance of £5,000 for all taxpayers, with new rates of tax for dividend income above that amount * Confirmation that the BBC has agreed to absorb the £650m cost of providing free

television licence A television licence or broadcast receiving licence is a payment required in many countries for the reception of television broadcasts, or the possession of a television set where some broadcasts are funded in full or in part by the licence ...

s for over-75s *

Non-dom Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income ...

iciled individuals **Non-domicile status can no longer be inherited ** Non-domiciles who have lived in the UK for the past 15 of the last 20 years will have to pay normal taxation

Taxes

Spending

References

{{United Kingdom budget

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

Budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environme ...

2015 07 July 2015 events in the United Kingdom George Osborne