2016 United Kingdom budget

none United Kingdom budget 2016 United Kingdom July 2015 United Kingdom budget July 2015 March 2017 United Kingdom budget March 2017 Royal Coat of Arms of the United Kingdom (HM Government).svg 200px Wednesday 16 March 2016 56th Conservative Party George Osborne £716 billion ($0.716 GBR trillion) £772 billion ($0.772 GBR trillion) £56 billion (2.9% of GDP) 2016 UK Budget The 2016 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 16 March 2016. It was the second fully Conservative budget delivered by Osborne, following the July 2015 budget. This was to be Osborne's last budget as Chancellor, as he was replaced by Philip Hammond on 13 July by way of Theresa May's cabinet reshuffle. Background In the November 2015 Autumn Statement, the independent Office for Budget Responsibility predicted that the UK economy would grow by 2.4% in 2016. Penny Thomas https://www.bloomberg.com/news/articles/2015-11-25/u-k-2016-economic-growth-forecast-raised-to-2-4-osborne-says U.K. 2016 economic growth forecast raised to 2.4%, Osborne says Bloomberg News 25 November 2015 Budget announcements Osborne will introduce a sugar tax on soft drinks from 2018, raising around half a billion pounds which will be used to fund after-school activities such as sport and art. Staff writer https://www.bbc.co.uk/news/uk-politics-35819797 Budget 2016 summary: Key points at-a-glance BBC News BBC March 2016 The predicted GDP growth for 2016 was lowered to 2% from 2.4%. The tax-free allowance will be raised to £11,500 and the 40p tax threshold will increase to £45,000. There will be a new savings account, the Lifetime ISA, for the under-40s, with the government putting in £1 for every £4 saved. Funding was earmarked for High Speed 3 (an east-west rail line across the North of England), Crossrail 2 (a north-south rail line across London), a road tunnel across the Pennines and upgrades to the M62 motorway. £115 million was allocated to tackle rough sleeping. Whale Sebastian George Osborne to announce £100m to tackle homelessness https://www.politicshome.com/news/uk/home-affairs/news/72727/george-osborne-announce-%C2%A3100m-tackle-homelessness PoliticsHome Dod's Parliamentary Communications 16 March 2016 24 March 2016 8 April 2016 https://web.archive.org/web/20160408154257/https://www.politicshome.com/news/uk/home-affairs/news/72727/george-osborne-announce-%C2%A3100m-tackle-homelessness dead Public sector employers will be required to contribute a higher proportion to their workers' pensions from 2019–2020. Pennells Sarah https://www.savvywoman.co.uk/6408/budget-2016-a-new-lifetime-isa-a-help-to-save-account-and-a-rise-in-the-personal-allowance/ Budget 2016 - how are you affected? SavvyWoman 16 March 2016 Tobacco duty was increased by 2%. Staff writer http://www.ft.com/fastft/2016/03/16/cigarette-prices-in-uk-will-be-subject-to-effective-floor/ Cigarette prices in UK will be subject to 'effective floor' Financial Times Nikkei 16 March 2016 subscription Hand rolling tobacco duty was increased by 3%. Fuel duty frozen at 57.95p per litre. Staff writer Budget 2016: Fuel duty frozen for sixth year in a row https://www.bbc.co.uk/news/business-35822029 BBC News BBC 16 March 2016 VAT on tampons was to be cut from 5% to 0%, as soon as EU obligations allowed. Staff writer Deal reached to scrap 'tampon tax', officials say https://www.bbc.co.uk/news/uk-politics-35834142 BBC News BBC 17 March 2016 (The tax on women's sanitary products was abolished on 1 January 2021, when the transitional Brexit period expired.) The halving of tolls across both Severn Bridges from 2018. Staff writer https://www.bbc.co.uk/news/uk-wales-politics-35812565 BBC News BBC Budget 2016: Severn bridge tolls to be halved 19 March 2016 16 March 2016 2016–17 taxes and spending Taxes Taxation in the United Kingdom Receipts 2016-2017 revenues (£ billions). HM Treasury HM Treasury Government spending and revenue: Chart 2: Public sector receipts 2016-17 HM Treasury HM Treasury Budget 2016 16 March 2016 https://archive.org/details/budget2016return0000grea/page/6 pdf 6 HMSO London 9781474129572 . Income Tax 182 Value Added Tax (VAT) 138 National Insurance 126 Excise duties 48 Corporate Tax 43 Council Tax 30 Business rates 28 Other 120 Total Government revenue 715 Spending Government spending in the United Kingdom Department 2016-2017 Expenditure (£ billions). HM Treasury HM Treasury Government spending and revenue: Chart 1: Public sector spending 2016-17 HM Treasury HM Treasury Budget 2016 13 August 2023 https://archive.org/details/budget2016return0000grea/page/5 pdf 5 HMSO London 9781474129572 . Social protection 240 Health 145 Education 102 Debt interest 39 Defence 46 Public order and safety 34 Personal social services 30 Housing and Environment 34 Transport 29 Industry, agriculture and employment 24 Other 49 Total Government spending 772 Reactions The Leader of the Opposition, Jeremy Corbyn, described the budget as having "unfairness at its very core", singling out cuts to disability benefits and corporate tax for particular criticism. However, he expressed his approval for the introduction of the sugar levy in his House of Commons response. Staff writer Budget 2016: Jeremy Corbyn attacks Osborne's 'failure' https://www.bbc.co.uk/news/uk-politics-35823383 BBC News BBC 16 March 2016 Secretary of State for Work and Pensions, Iain Duncan Smith, resigned two days after the presentation of the budget, describing planned cuts within his department "as a compromise too far". Staff writer Iain Duncan Smith quits over planned disability benefit changes https://www.bbc.co.uk/news/uk-politics-35848687 BBC News BBC 19 March 2016 See also Budget of the United Kingdom References 2 January 2021 Category:March 2016 in the United Kingdom 2016 Category:2016 in British politics Category:2016 government budgets Category:George Osborne