Business awaits Second Budget announcements
08 Jul 2015
Business groups are awaiting Chancellor George Osborne’s announcements, as an insider source reveals that the Second Budget will be "Big. Very big."
Among the measures expected to be announced are an increase in the inheritance tax threshold to £1m for married couples by 2017, further details on the ‘triple tax lock’ pledge, with a locking of some rates and thresholds for income tax, national insurance and VAT, and sharp welfare cuts.
According to the BBC, the Chancellor is set to announce a longer timescale for making a planned £12bn of welfare cuts, with the cuts expected to take three rather than two years to implement.
Other possible measures include a lowering of the benefit cap, a reduction in Tax Credits for families with more than two children, and a planned relaxation of Sunday trading laws for England and Wales.
The Chancellor will deliver the Second Budget at around 12.30pm. Be sure to visit our website for the latest updates.