Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?
Here’s our Budget 2015 summary for individuals of the key announcements:
- for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
- for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
- for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
- people on minimum wage will be paid £8 an hour by 2020.