Indeed, with George Osborne commenting that ‘the sun is starting to shine’ on the British economy once again, this appeared to ring true through provisions aimed at tax cuts and statistics reporting positive economic growth.
While the Budget primarily targeted first-time home buyers (the Government has pledged £50 for every £200 a person puts towards a first deposit) and the elderly (provision now allows for retirees to cash their retirement funds in as one lump sum), there was also good news for parents and families.
To begin with, Osborne boasted of economic growth, revealing that families are set to be £900 better off in 2015 than in 2010, principally due to a significant rise in disposable income.
Another significant provision of this year’s Budget that families will be delighted with, is the announcement that plans to raise fuel prices have been scrapped. In an age where we are constantly on the go, this concession is sure to be felt, thankfully in a positive way.
Recent statistics have revealed just how important our children’s mental health is, and the Government has clearly heard this and taken it on board in its latest provisions.
Indeed, the Government has made a strong statement in its provision of £1.25 billion for children’s mental health services, while also pledging £1 million to buy defibrillators for a number of public places, including schools.
In other, more general provisions, borrowing is predicted to fall each year to reach a surplus of £7 billion by 2019/ 2020, while the amount that workers can earn before paying tax is also set to rise significantly by 2017 – all great prospects for concerned parents.
While there was some criticism over the failure to include fresh provisions on Inheritance Tax, which would allow parents to pass a main property worth up to £1 million to their children minus the tax, there are plenty of positives to take from the announcement.
