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ngpPVuS2
a
Resource
Answer
Written answer
answer has question
5G1HF6v1
answer has answering person
Damian Patrick George Hinds
answer text
<p>The information requested is not available. The Summer Budget offered a new deal for working people. It means Britain moving from a high welfare, high tax, low wage economy to a lower welfare, lower tax, higher wage society.</p><br /><p>A new National Living Wage for workers aged 25 and above, initially set at £7.20 per hour from April 2016, will directly benefit 2.7 million low wage workers, and up to 6 million could see a pay rise as a result of a ripple effect up the earnings distribution. The new National Living Wage will boost pay for those currently earning the National Minimum Wage by £4,800 a year by 2020 when the National Living Wage is expected to rise to over £9 per hour.</p><br /><p>To help working families keep more of what they earn, the personal allowance will increase to £11,000 in 2016-17 and £11,200 in 2017-18. The government has committed to increase the personal allowance to £12,500 by 2020 which will mean that a typical basic rate taxpayer will see their income tax cut by £1,205 a year compared to 2010.</p><br /><p>An illustrative renting family with two children, where one parent works full-time on the minimum wage, will be over £2,400 better off in cash terms by 2020.</p><br /><p>The government set out its assessment of the impacts of the Summer Budget policies in the Welfare Reform and Work Bill on 20<sup>th</sup> July 2015. Taken together, the introduction of the National Living Wage, increases in the personal allowance and welfare changes mean that 8 out of 10 working households will be better off as a result of the Summer Budget.</p><br /><p>In response to a request from the Secondary Legislation Scrutiny Committee, the government has chosen to produce and release an impact assessment on the tax credit changes to the Committee. The impact assessment shows that 60% of the tax credit savings come from the half of tax credit claimants with the highest income.</p>
answer given date
answer has answering body
HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
ngpPVuS2
answering body has answer
ngpPVuS2
5G1HF6v1
question has answer
ngpPVuS2
Damian Patrick George Hinds
answering person has answer
ngpPVuS2