By AAT Comment News The Emergency Budget highlights 8 Jul 2015 [View the story “Emergency Budget 2015” on Storify] Emergency Budget 2015 Commentary on the Emergency Budget 2015, including AAT’s live-tweets (in conjunction with past AAT president Henry Cooper). Storified by AAT· Thu, Jul 09 2015 08:51:05 AAT An ‘emergency’ Budget makes it sound like the country’s economy is in a bad way. In reality, whenever a new government is elected in they always hold a summer Budget. However, given that this is the first all Conservative government in almost two decades, we were expecting some big policies. What to expect from the first fully Conservative Budget in 20 years "big very big" says well placed insider http://t.co/KDQqeitkK4Regenerate This is what we know about the #budget2015 so far, from our inside sources* *@BBCNews http://t.co/O3PAEl8TFiAAT LIVE: Tax credits and housing benefit are most likely to get cut #Budget2015 http://t.co/EwpJSRL2xv http://t.co/VjyCWKQCnOThe Independent Chancellor says Budget to convert ”a high tax, high welfare society to a lower tax lower welfare society". No mention of wages.InterestingNick Robinson Oh, and the elusive budget rabbit. Thanks to @BirchCooperH for reminding us of Osborne’s rabbit http://t.co/soFryIOCn3AAT Could a big tax reform be the rabbit in the Budget hat, to get round promises not to raise income or VAT? http://t.co/14MeU8FdznAndy Tomlinson The Chancellor tweeted this image which, of course, nobody thought to satirically edit. Today I will present a Conservative Budget – a Budget that puts economic security first http://t.co/yQ8kD8nmo9George Osborne We'll leave it to you to find those. The salient fact seemed to be that the proposed (and somewhat ambiguous) welfare cuts are to be slowed. Pace of welfare cuts ‘to be slowed’ http://t.co/mIaRXLgk2SBBC Business Osborne reported to slowed pace of welfare cuts to £12bn over three years instead of two http://t.co/M82joWaTGhPolicy Exchange Since these ‘planned’ welfare cuts were never detailed how can they be ‘slowed’? Spin.duckrabbit Prime Minister's Questions took place with the expected amount of gusto. "The only place the Northern Powerhouse can be found is in the Chancellor’s imagination" #PMQsAAT PM: Finding a loving family for a child is more important than their precise geographical area #Adoption @educationgovuk #PMQsNo. 10 Press Office No answer at #PMQs to my question on whether bringing back #foxhunting is a priority for the country when people are queuing at food banks?Jo Cox MP The PM defends the Olympic legacy, after Labour alleged the number of people taking part in sport has fallen #PMQs https://t.co/YUxvfZE7IJSky News They do like to jeer don’t they #PMQsAAT The Chancellor kicked things off with an ode to those that voted for the Conservative party at the last election. "The British people trusted us to finish the job…strong NHS, strong schools..that’s what we’re going to do" #Budget2015AAT "Higher wage, lower tax country" #Budget2015AAT "We’re growing faster than any other major economy. 2 million more jobs. Long term plan is working" #Budget2015AAT He also acknowledged that there's still work to be done… "All of our problems [are not] solved" #Budget2015AAT "Our weak productivity shows we do not train enough" #Budget2015AAT …and now is the time to be bold. First hints of what’s to come: We will be bold in transforming education. Bold in reforming welfare. Bold in delivering infrastructure.Richard Edgar "Bold" is this Budget’s catchword, then #Budget2015Taxation tl;dr The Chancellor wants us to be bold and ambitious #Budget2015AAT Some key points about the state of our economy and employment levels. "2 million more people have the security of work" #Budget2015AAT Growth next year at 2.3% #Budget2015AAT "We should cut the deficit as the same pace as last parliament. Not faster or slower" #Budget2015AAT Some stats so far #Budget2015 http://t.co/NQuDXawSL4AAT AAT PR manager Nicky Burke reminded us that reducing deficit is not the same as reducing debt. Reducing the deficit not quite the same as reducing debt as this @yourAAT video shows https://t.co/HJi1zHPDkD #budget2015Nicky Burke Then came some key information about the NHS, something that we did not hear much (if anything) about in March. #NHS funding info #Budget2015 http://t.co/swKUPyKpWtAAT George Osborne is to increase funding for the #NHS to £10bn from £2bn promised. #budget2015 #summerbudget http://t.co/FKUFtL6LfBKPMG in the UK We're sure that talking point will be discussed emphatically over the next few days by the press. Then a big rabbit came hopping along (sorry, we'll stop that) in the form of the non-dom tax status. "Permanent non-dom tax status abolished" #Budget2015 Big rabbit there.AAT George Osborne abolishes "permanent" non-dom tax status for wealthy living abroad in #budget2015 http://t.co/cXwh34uD40BBC Breaking News More info on the non-dom news #Budget2015 http://t.co/vBpc2MRYMBAAT Corporation tax, bank levy news and some surprising news on one man companies soon followed. Corporation tax to fall to 19% from 2017 and 18% in 2020 #Budget2015 Who saw that coming?AAT .@fastFT: Bank levy to be replaced with profits ‘surcharge’ http://t.co/FyfLxiwjPlFinancial Times Bank levy rate to be cut over next 6 years and new 8% surcharge on bank profits introduced from Jan 2016 http://t.co/zPV5DFrvyJ #budget2015ITV News Corporation tax to be paid quicker by large corporations #Budget2015AAT One man companies no longer able to claim £2000 Employment Allowance #Budget2015AAT So far part 2 (thanks to @BBCNews) #Budget2015 http://t.co/k7dnKAuKClAAT Do you drive? Car MOT to be extended to four years, fuel duty frozen. Also a new road fund #Budget2015AAT Vehicle Excise Duty being re-introduced for all brand new cars #Budget2015AAT Then we got some news about #apprenticeships and grants for higher education students. There will be 3 million more apprenticeships #SummerBudget https://t.co/ZA8LfFHglbHM Treasury #Apprenticeships levy on all large firms – those offering apprenticeships will get back more than they put in #Budget2015AAT To hit 3million apprenticeships, new employers need to engage. Will large company levy help with that? Will quality improve?David Hughes Student grants to be replaced with loans in 2016/17 #SummerBudgetShane Chowen VIDEO: Osborne scraps student grants http://t.co/W3TmvM8IamGurpreeT The Chancellor then elaborated more on his "Northern Powerhouse" plans. The Chancellor admits too much productivity is done in London #Budget2015AAT "Reached an agreement with Greater Manchester councils" #Budget2015 "Historic powerhouse"AAT Which people are still skeptical about. Chancellor promises to put power into Northern Powerhouse. North wants to know if the trains they were promised will ever run #budget2015Nick Robinson @_BenWright_ http://t.co/vftDhSzHsyJames Quinn Then big news for those interested in housing and accommodation. Rent a room allowance to rise from £4250 to £7500 from next year #budget2015AAT Inheritance tax threshold to rise to £1m in 2017, chancellor confirms in #budget2015 http://t.co/5LvF84Rw6cBBC Breaking News Tax relief for buy to let landlords will only be on basic rate #Budget2015AAT Home ownership news #Budget2015 http://t.co/jL4wNzmEnzAAT Inheritance tax really is an issue, as we pointed out, that divides the nation. Inheritance tax really seems to divide the nation #Budget2015 http://t.co/wD2jVpyuTAAAT if we were really in this together, we wouldn’t give tax breaks to richest through corp & inheritance tax cuts @MarkSerwotka #budget2015Afua Hirsch AAT Some info on dividend tax and pensions. Dividend tax free allowance of £5k for all tax payers #Budget2015AAT Update on pensions #Budget2015 http://t.co/hA36Ii5CRyAAT Next we heard how this government will overhaul the benefits system for 18-21 year olds. New youth obligation "earn or learn" #Budget2015AAT New "youth obligation" for 18-21 year olds: will have to work or study; no housing benefit #budget2015 http://t.co/nY7DcLvZzmGuardian politics George Osborne announces new ‘youth obligation’ for 18 to 21-year-olds to "earn or learn" #SummerBudget https://t.co/qZXRI9ZSRUSky News More on this youth obligation #Budget2015 http://t.co/9RPx1IJeRbAAT Next we…well, to be honest, we hit a brick wall. A lot more was coming out of this budget then we thought and it looked like Osborne would go over an hour. So far part 4…or 5. It’s all happening so fast #Budget2015 http://t.co/7k1pQociXKAAT You’re welcome to bring us some coffee to keep us going! #Budget2015 http://t.co/bdDOw0WWUwAAT Longest continuous #Budget speech was by William Gladstone on 18 April 1853, lasting 4 hours and 45 minutes. Hope that isn’t repeated…AAT Did someone say tax credits? The income threshold in tax credits will be reduced, from £6,420 to £3,850 #Budget2015AAT Cuts in tax credits are £4.5bn a year. Huge reduction in household earnings #budget2015Robert Peston Osborne announces #budget2015 changes to tax credits http://t.co/8oqHzkZMF9 http://t.co/qFM1ksXCwUChannel 4 News Tax credits and universal credit will only support the first two children #SummerBudgetTolley Child tax credits limited to 2 children from 2017 for new claimants, chancellor confirms in #Budget2015AAT There will be massive fallout from this over the coming months. Moving on, some mortgage news. We will restrict mortgage interest relief to the basic rate of income tax #SummerBudget http://t.co/5Hwb6uiOkuHM Treasury Massive news: Mortgage interest support switched from benefit to loan #budget2015AAT Still ploughing through #budget2015 detail…Support for Mortgage Interest not just converted to a loan, the wait to claim back at 39 weeks.Robbie de Santos More of the salient facts #Budget2015 http://t.co/KRdHK6X47FAAT The reason for all of these welfare reforms… Welfare reforms will save £12 billion by 2019/20 according to GO #SummerBudgetCov & Warks LEP All the welfare reforms will save £12bn by 2020 #budget2015AAT Osborne: Welfare reforms will save £12 billion by 2019/20 and will be legislated for over the coming year. #yplive #Budget2015Greg Wright Then we quickly had news on tax free personal allowance, the 40p threshold and "defence of the realm". Chancellor: I am raising the tax-free personal allowance to £11,000 next year #SummerBudget http://t.co/3wOKv7PXeBHM Treasury The 40p income tax threshold will rise to £43,000 from next year #budget2015 http://t.co/LD5ti3bbo6Open Road The Chancellor is committed to meeting our #NATO pledge to spend 2% of GDP on defense #Budget2015AAT Before we get on to the next point: Do you know that difference between the living wage and minimum wage? Living wage vs minimum wage #Budget2015 http://t.co/6BvHlP8LceAAT As the Chancellor dropped some massive news on us recording a living wage. "Britain deserves a pay rise" New national living wage compulsory if aged 25 from next April at £7.20 #budget2015AAT Fab news!!! National Living Wage introduced will raise to £7.20/hr in Apr 16 & be raised to £9.00/hr by 2020 #UKBudget2015 @ConservativesMatt Living wage £9 per hour by 2020 #Budget2015AAT Then a bit more on National Insurance contributions. "To help small firms I announce we’ll cut national insurance contributions" #Budget2015AAT Osborne announces cut in employers’ National Insurance contributions which he says will help small businesses http://t.co/wj3Y2zjm1xFinancial Times National insurance contributions for small companies will fall to offset the National Living Wage. #budget2015 http://t.co/PnJxRF9MYbOpen Road At this point the Chancellor proclaimed how the National Living Wage will be remembered… History lesson from the chancellor now. Protecting people in the mills, rights to vote and now national living wage #Budget2015AAT The chancellor has sat down. Certainly a landmark budget. #Budget2015AAT With the announcements over, it was time for the leader of the Opposition to take centre stage. "People are weary of hearing the same re-announcements on roads" says Harriet Harman #budget2015 http://t.co/6Fkd8syjrIChannel 4 News Harriet Harman "Not done enough to stop tax avoidance" #Budget2015AAT "This budget is less about economic strategy and more about political strategy…to help the Chancellor move next door" #Budget2015AAT "This Chancellor’s record is poor when it comes to productivity" #Budget2015AAT Harriet Harman slams David Cameron for dodging questions on #NorthernPowercut campaign http://t.co/dqPHM2winJ http://t.co/UYTX5vlu6mManchester News MEN Harman: "They could resurface the A14 with Treasury press releases"BBC Business Some people liked what she was saying… "A modern economy needs modern infrastructure" YES Harriet AAT Comment offers news and opinion on the world of business and finance from the Association of Accounting Technicians. 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