The Chancellor, George Osborne, has announced a second 2015 Budget that will take place on 8 July. This Budget is largely for the Conservative government to lay down their policies outside of the coalition government that was formed when the first 2015 Budget occurred.
What can we expect from this event?
What’s the purpose of this second 2015 Budget?
The second budget is also being referred to as an “emergency budget” as it falls so soon into the parliamentary session – just 112 days since the March Budget. Osborne has referred to it as a “stability budget” though when talking to the BBC and to others, it’s becoming known as the “summer budget”.
Regardless, with the Autumn Statement scheduled later this year, this will be three key economical addresses delivered in just nine months.
But what is it’s purpose?
When the 2015 Budget was announced on March 18 2015 the government was made up of the coalition, and polices were decided by “the quad” consisting of David Cameron (Prime Minister), Nick Clegg (Deputy Prime Minister), George Osborne (Chancellor) and Danny Alexander (Chief Secretary to the Treasury).
With the majority ruling back in the election in May 2015, this is now the chance for the Tories to clarify pre-election policy as well as detail points from the latest growth forecasts that the Office for Budget Responsibility are updating particularly for this second Budget.
In addition, the Conservatives will be aiming to reassure the nation and to not delay to deliver further important financial and economical news until the Autumn Statement.
What to expect
Other items expected on the agenda include welfare cuts, apprenticeship schemes, NHS funding and tax avoidance.
Also anticipated is a mention about business productivity, as the UK, when compared to the likes of US and Germany, still produce a quarter less per hour.