For those of you who gave up 20 minutes into a desk-side viewing, we have summarised the changes relevant to businesses into a digestible few points- enough to keep you well informed but not enough to send you to sleep.
The Chancellor began his speech on a positive note, discussing the UK workforce. “Employment is at a record high. Unemployment is at an 11 year low, with over 2.7 million more people enjoying the security and dignity of work than in 2010. A far cry from the 3 million unemployed predicted.
“And I am pleased to report, on International Women’s Day, that there is now a higher proportion of women in work than ever before.”
Sounds pretty good to us!
Changes to National Living Wage
As previously announced, the Chancellor highlighted that national living wage will rise again to £7.50 in April, equating to over £500 more for a full-time worker than this year, and £1,400 more than when the National Living Wage was introduced.
The scheme will be rolled out to all eligible parents by the end of the year and will be worth approximately £5,000 a year to a young family with a three year old and both parents working.
“These childcare measures represent a further huge step forward in support for ordinary working families, and for women in the workplace.” - Hammond
ISA and pension
The government will increase the ISA limit from £15,240 to £20,000 in April 2017.
There are now nearly 5 million self employed people in the UK, meaning that the Government earns less than they should be earning in taxes.
It is essential that the corporate tax regime does not encourage people across the economy to form companies simply to reduce tax liabilities.
* Photo credit: ITV
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