Budget 2015: Summary

The key measures in the first Conservative-only budget since 1996. 

  • A compulsory (for 25 years and above) National Living Wage of £9 per hour by 2020
  • A commitment to meet the NATO 2% spending target until 2020.
  • Big cuts to tax credits and working-age benefits frozen for four years
  • Tax credits, universal credits and housing benefit perks stopped for families after the second child.
  • Corporation Tax down to 18% by 2020.
  • Student maintenance grants turned into loans
  • Consultation on major shake-up to pension tax relief
  • Non-dom status scrapped for permanent residents
  • Fuel duty frozen
  • Public sector pay capped at 1% for four years
OBR GDP Growth Forecasts:
  • 2014: 3.0% (revised)
  • 2015: 2.4%
  • 2016: 2.3%
  • 2017: 2.4%
  • 2018: 2.4%
  • 2019: 2.4%
  • 2020: 2.4%
OBR Public Sector Net Borrowing Forecasts (% of GDP):
  • 2014-15: 4.9%
  • 2015-16: 3.7%
  • 2016-17: 2.2%
  • 2017-18: 1.2%
  • 2018-19: 0.3%
  • 2019-20: -0.4%
  • 2020-21: -0.5%
OBR Budget Deficit Forecasts (% of GDP):
  • 2014-15: 3.2%
  • 2015-16: 2.2%
  • 2016-17: 0.8%
  • 2017-18: -0.2%
  • 2018-19: -1.1%
  • 2019-20: -1.8%
  • 2020-21: -1.9%
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