The Chancellor, George Osborne, unveiled his first full Conservative Budget this week, the first for almost 20 years. He described it as the ‘Security Budget’. It was the best kept secret of this budget; the all new National Living Wage, meaning workers will receive £7.20 per hour if they are not earning the minimum wage. The Chancellor wants that figure to rise to £9 by 2020, the end of the decade.
The question is, was this a budget for the workers, or the poor? Undoubtedly, this budget will affect millions of people across the UK. Is there a light at the end of this bleak tunnel?
Welfare cuts are to be made to save around £12 billion by the end of this Parliament.
Tax Credits were also cut, putting strain and stress on families across Wales and the UK.
The public sector was slammed once again. Bad news for the workers, a freeze on their pay for the next 4 years, no change then, and a pay rise of just 1%.
Here’s the budget in summary:
* Osborne introduced a new National Living Wage of £7.20 an hour, which will increase to £9 an hour by 2020
* Child tax credits will be limited to two children born after April 2017 and housing benefit to under 21s will be scrapped
* The amount of money people can inherit before tax has been raised to £1 million.
* A new joint security fund of £1.5 billion a year will also be created by 2020.
This was a memorable budget, but there are more cuts on the way.
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