The Chancellor George Osborn recently delivered his Autumn Statement and Spending Review, which he said will ‘deliver economic and national security’ which are ‘the foundations of everything we do’. There’s a lot to it and it’s hard to know what’s relevant to you and your situation so we thought we’d pull out some of the key points to help make understanding this latest budget, that little bit easier.
Plans to build 400,000 new affordable homes in England with £2 billion budget set aside for the development.
From April 2016 stamp duty on buy to let properties and second homes will be an extra 3% above the current rate.
A new Help to Buy scheme will be introduced just for Londoners offering interest-free loan worth up to 40% of the value of the newly built property.
Councils will receive an extra £10million to help homeless people.
State pension will see its largest increase in 15 years, rising by £3.35 to £119.30 a week come April 2016.
Cuts to tax credits are to be cancelled. To reduce the welfare bill by £12 billion the government initially planned to cut tax credits by £4.4bn but these changes have now been abandoned as the government introduces Universal Credit.
Councils with responsibilities for social care will be able to levy a new precept of 2pc on council tax to fund care services.
From 2017, parents will be given 30 hours free childcare subsidy (worth £10,000 in costs) for three and four year olds but only those working 16 hours or more a week and earning incomes of less than £100,000 will be eligible.
£12billion of welfare savings will be delivered in full in this parliament.
Over the next five years another one million jobs are to be created.
To reduce car insurance premiums by £1bn the government aims to end injury claims such as whiplash. This is could save £40-£50 from people’s annual bills.
So those are some of the main points which we think you need to know about the latest budget but if you’re looking for more information, why not check out this article from the government.