The Chancellor George Osborne has finished delivering the first Budget of the new Conservative government, outlining a host of measures affecting the UK economy:
Tax evasion and avoidance: Investment will be increased by £750,000 in HMRC’s work on non-compliance and tax evasion in a number of areas. This funding will help tackle non-compliance by companies and individuals.
Transport: A new roads fund will be created to guarantee continued investment in the strategic road network. This will be fully funded by vehicle excise duty by 2020. Fuel duty will also remain frozen and the time before a car needs its first MOT test will be extended from 3 to 4 years.
Universities: Maintenance grants will be replaced by loans of up to £8,200 for new students. They will be paid back once they are earning over £21,000 annually. A consultation on freezing the loan repayment threshold for 5 years will also be launched.
Northern infrastructure: Transport for the North will be established as a statutory body and will be given £30 million of additional funding over 3 years.
License fees: The BBC will take on responsibility for funding the over-75s licence fee concession which will begin being phased in from 2018/19.