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The Emergency Budget highlights

8 Jul 2015
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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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