This will be the first purely Conservative Budget in nearly 20 years and the first of the new government.
Even though we already had a Budget earlier this year, this Summer Budget is a sort of ‘emergency budget’, similar to the one George Osborne called following their victory in 2010.
The emergency budget will be held 8th July at 12:30 BST.
This is what the UK Investor Magazine is expecting from the Budget
- The 40% tax rate raised to £50,000
- Increase of personal allowance to £12,500 by 2020
- Possible abolition of 45% tax rate
- Announcement to allow round-the-clock Sunday trading
- Removal of inheritance tax on couple’s estates worth under £1 million
- Cuts in council rent subsidies for those with reasonable incomes
- The controversial announcement of £12 billion in welfare cuts
- Cuts to tax credits
- Further reforms to pension making them simpler to understand
- Removal of buy-to-let tax breaks
