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George Osborne has delivered his 7th Budget as chancellor and first for the conservatives majority since 1997. Here is a summary of what was announced.
Support through Child Tax Credit will be limited to 2 children for children born from April 2017
Income threshold for tax credits to be reduced from £6,420 to £3,850
Working-age benefits, including tax credits and Local Housing Allowance, will be frozen for 4 years from 2016-17 (this doesn’t include Maternity Allowance, maternity pay, paternity pay and sick pay)
Rents for social housing will be reduced by 1% a year for 4 years, and tenants on higher incomes (over £40,000 in London and over £30,000 outside London) will be required to pay market rate, or near market rate, rents
Disability benefits will not be taxed or means-tested while state pension triple lock to be protected
The amount people can contribute to their pension tax-free will be reduced for individuals with incomes over £150,000
The household benefit cap will be reduced to £20,000 (£23,000 in London)
Alcohol and tobacco duties not mentioned in statement.
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