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.
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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.
