Maternity allowance backdating
The government will continue to reduce the deficit by around 1.1% of a year on defence for the rest of the decade, and that spending on the NHS in England increases by £10 billion per annum in real terms by 2020-21.
As a result of this plan, a surplus will be achieved in 2019-20, and debt as a share of in that year is forecast to be lower than expected at March Budget 2015.
This Budget sets out around £17 billion of measures that will reduce the deficit, including £12 billion by 2019-20 from welfare reform and £5 billion by 2019-20 from tackling tax avoidance and tax planning, evasion and compliance, and imbalances in the tax system.
In the autumn, the government will set out plans to deliver the remaining £20 billion of consolidation measures required to achieve the surplus following a rigorous Spending Review process. Underpinning the government’s approach is a commitment to reward work and support aspiration.
The welfare bill is too high, and the welfare system traps too many people in benefit dependency.
And for too long, the government has addressed low pay by subsidising it through the tax credit system, instead of delivering lower business taxes and asking business to pay higher wages.
The government is: The government’s long‑term economic plan has secured the recovery.
The government’s fiscal responsibility has allowed monetary activism to support demand in the economy alongside repair of the financial sector.
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However, Britain is still running a 4.9% deficit, and debt is above 80% of .
As seen in recent weeks, the risks from abroad, not least within the euro area, demonstrate the need to secure the UK’s economic recovery.
This Budget ensures that the welfare system is fair to taxpayers while supporting the most vulnerable, and builds an economy based on higher pay, lower taxes and lower welfare.
It ensures that the richest are paying a greater share of tax than they were at the start of the last Parliament, whilst the poorest continue to receive the bigger share of spending.Encouragingly, the increase in participation has been strong amongst women and older workers.