July 2015 Budget date announced
It has now been announced by the Chancellor of the Exchequer that there will be a Budget on Wednesday 8 July 2015.
The Government has expressed that it is seeking views from the public on what measures should be included in it.
There were several employment related points arising from the March 2015 budget, those being;
- The Government has accepted the Low Pay Commission's recommendations, and will increase the National Minimum Wage to £6.70 this autumn with a view to it being over £8 by 2020.
- National Insurance Contributions (NICs) will be abolished for under 21 year olds this April. In April 2016, NICs will be abolished for employing a young apprentice. In the next Parliament, Class 2 NICs will be abolished for the self-employed.
- The Government welcomed the final report of the Office of Tax Simplification on employment status and stated it will respond to the recommendations in the next Parliament.