Key Highlights From Autumn Statement 2015
So as many of you are probably aware, George Osbourne yesterday announced his Autumn statement and lots of people were relieved to hear that the tax credit cuts would no longer be going ahead.
But there were also lots of other changes announced that will probably affect lots of you in some way shape or form.
Here are the key points:
- Tax credits will now remain unchanged, after Mr Osborne’s plans were voted against in the House Of Lords.
- It is thought that there will be 1 million jobs created over the next five years, although they originally promised 2 million.
- The housing budget is being doubled to £2bn a year, in an attempt to deliver 400,000 new homes by the end of the decade.
- The Government is launching a new London help to buy scheme. Londoners with a 5pc deposit will be able to get an interest-free worth up to 40pc of the value of a newly-built home.
- Each individual will have their own digital tax account.
- The so-called “Tampon Tax”, VAT levied on the sale of tampons at 5pc, can not be repealed because of EU rules. However, the £15m raised by it a year will be handed over to women’s charities.
CLICK HERE to read about the childcare changes for 2017.