Osborne's Most 'Radical' Budget Yet

SUMMER BUDGET 2015: Tax cuts for the 'squeezed middle' and a pensions review were among the changes announced by the Chancellor

Cherry Reynard 8 July, 2015 | 4:45PM
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Read Experts' Reactions to the Summer Budget for more analysis.

Chancellor George Osborne took the opportunity of the Emergency Budget to remind people that, as the example of Greece has demonstrated, “if a country’s not in control of its borrowing, the borrowing takes control of the country”. With that in mind, he set out his agenda to transform the UK from “a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country”. 

This turned out to be good news for the ‘squeezed middle’, which will see cuts to both its income and inheritance tax rates. It will be less welcome by those who are welfare-dependent—who will bear the brunt of the £12 million cut in the welfare bill, or the ‘super-rich’, who will see their tax loopholes closed as well as cuts to their pension relief. 

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About Author

Cherry Reynard

Cherry Reynard  is a financial journalist writing for Morningstar.co.uk.