Summer Budget
By Kayley Wilson
  • Rise in the tax free allowance from £10,600 to £11,000 next year. Legislate so that it rises with pay
  • Higher rate threshold increased from £42,835 to £43,000 next year
  • “Britain deserves a pay rise and Britain is getting a pay rise” – Next April, for 25 and over, minimum wage will be £7.20 instead of £6.70, working towards a “living wage” of £9 per hour by 2020
  • Buy to let landlords only able to offset mortgage interest at basic rate from 2017
  • Rent a room relief is currently frozen but will be raised to £7,500 next year
  • Free childcare for 20 hours a week for working parents of 3-4 year olds from 2017
  • Social housing rents cut by 1%