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Last week's budget…

Posted by
14 Jul 2015
Last week saw the first budget for a Conservative majority government since 1996. As the Chancellor of Exchequer laid out his financial plans for the coming year, it was interesting to note which changes would affect the recruitment industry. Here are some of the main talking points;

The introduction of a new national living wage was one of the most high profile aspects of this year's budget. It sees the minimum wage for those over 25, rise from £7.20 per hour in April 2016 to £9 per hour in 2020. The personal tax free allowance increases to £11,000 next year, and will rise to £12,500 by 2020. The Chancellor imposed a cap of £20,000 (£23,000 in London) on the amount of benefits a household of can receive, reducing it from £26,000. 

Good news for businesses, in that the economy grew by 3% in 2014, the UK was one of the stronger performing economies in the EU (by comparison Germany grew by 1.6.% in 2014). However 2015 had more of a conservative outlook with a reduced forecast of 2.4% growth. Businesses also welcomed a fall in corporation tax decreasing to 19% in 2017 and falling to 18% by 2020.

George Osbourne announced that there would be a review of the laws governing Sunday trading hours. At the moment, shops over 280 square metres are restricted to six hours of trading on Sundays. Whilst the prospect of more shops being open, and for longer, on a Sunday is appealing to some. It is important to consider the impact of this on the individuals who would have to work longer. Meanwhile one Junior Minister cited a report that claimed longer trading hours on a Sunday could lead to significant job creation, a boost of 3,000 in London alone.

What are your thoughts on the government's first budget and how does it impact you? I'd love to hear your thoughts in the comments below… 
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