Budget 2015: Good and Bad
George Osborne was undoubtedly rubbing his hands together with glee at the prospect of creating a budget without the LibDems' somewhat invisible protests. What works, and what doesn't? All points are sourced from BBC News, and rephrased or summarised.
The Good
Living wage will be put in place for workers over the age of twenty-five, starting at £7.20 and ending at £9.00,
Well, good is a strong word. "Okay, I guess" better fits the bill. Some would say it's too little, some what say it's good they're addressing it.
Inheritance tax threshold will be increased to £1m.
Why should homes which have been in the family for generations be given to the taxman?
Tax threshold will rise to £11k next year, and £12.5k by 2020.
Cool.
The threshold for the 40p rate will rise to £43k.
This is one of the policies which does help the hard working people, and not exclusively the super-rich; the shade below £800 wouldn't mean much to millionaires, whereas people who earn between £40-50k are hardworking.
Benefits will only be given to two children per family, starting with those born from April 2017.
Let's get one thing clear - if someone with a big family suddenly had enough to just look after two of their children, we would not be okay with this. But this will only affect future families, and many would say people shouldn't have children they can't afford.
Social housing rents will be reduced by 1% per year for the next four years.
Cool.
Eighteen to twenty-one year olds will not automatically be entitled to housing benefit, with a new "earn to learn" obligation.
Encouraging young people to get jobs or improve their education is never a bad thing. Incidentally, the list we sourced this from missed out the words "single and childless", so young families won't be turfed out onto the street.
People older than seventy-five won't have to pay TV licence.
There'll be less moaning in BBC's Points of View about how the elderly are "paying for this rubbish."
The annual household benefit cap will be reduced to £23,000 in London and to £20,000 in the rest of Britain.
Maybe it should be reduced over time, though.
Benefit cap per household will be reduced to £20k.
Though maybe it should be done gradually.
Large employers will receive new apprenticeship levies.
Compliments the "earn or learn" rule above.
NHS will receive a further £8bn by 2020, as well as the £2bn previously announced)
We'll believe it when we see it, though!
Government to fund memorial to victims of terrorism overseas.
With the threat level of terrorism much higher than 7/7 a decade ago, we should stand united.
Bad
All working age benefits (not including maternity or disability) will be frozen for four years.
We're all in this together!
Proposals for "a radical change" to pension saving system to be published.
We bet there'll be lots of respecting our elders!
Public sector pay rise will remain at 1%.
Unless your public sector job is MP!
Climate Change Levy exemption for renewable electricity to be removed.
The Government need reminding that renewable energy is a good thing.
Student maintenance grants will be replaced with repayable loans.
Gotta keep the less well-off in their place!
