George Osborne announces second Budget for 8th July
New Government to turn “promises made in the election into a reality".
Chancellor George Osborne has announced that there will be another Budget on 8th July, following the Conservatives’ majority victory at the General Election.
Writing in the Sun newspaper, the Chancellor said the “unusual” decision to have two Budgets in the same year, particularly given much of the same party is in power, would allow him to turn “promises made in the election into a reality".
Particular scrutiny will be paid to how the Government intends to make a promised £12 billion cut to welfare spending. Details on how exactly it was going to do this was not outlined in the Conservatives’ election manifesto.
In his article in the Sun, George Osborne writes: “We will always protect the most vulnerable, but we also need a welfare system that's fair to the people who pay for it. If you can work you should be working, so we'll take the next steps in our benefit reforms to make sure that happens.”
Likely announcements include a further increase in the Income Tax personal allowance, more apprenticeships and a “hard” crackdown on tax avoidance schemes.
There could also be increases in duty on fuel, alcohol and tobacco.
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