March 2015 Budget — 23 Mar 2015 at 21:39
George Osborne MP, Tatton voted to approve the March 2015 budget which contained plans to spend £76bn more than was expected to be taken in and introduced a help to buy ISA, reduced corporation tax and increased spending on mental health by around £300m/year.
The budget approved by the majority of MPs in this vote set out plans for spending £743 billion in 2014-15, with forecast revenue of £667bn (a deficit of £76bn).
Key points from the budget:
- An increase in the personal income tax allowance from £10,500 to £10,600 as announced in the 2014 Autumn statement and then to £10,800 in 2016-17 and £11,000 in 2017-18 (announced in the March 2015 Budget).
- An increase in the threshold for starting to pay higher rate income tax to £42,700 inclusive of the standard personal allowance. (2014-15 £41,865).
- Main rate of Corporation Tax reduced to 20% and legislation to set it to remain at that level for the financial year starting in April 2016.
- The introduction of a Help to Buy ISA. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a maximum bonus of £3,000 on £12,000 of savings. There are further detailed rules. In the year 2019-20 this is expected to cost £835m.
- Cancellation of the fuel duty increase nominally planned for September 2015.
- An increase in spending of around £300m/year on mental health.
- The creation of a Personal Savings Allowance exempting the first £1,000 of savings income from any tax for basic rate taxpayers and the first £500 for higher rate taxpayers.
- Beer and wine duties were unchanged. Spirit duties and the duty on lower strength cider were cut by 2%.
- A Bank Levy rate increase from 0.156% to 0.21% from 1 April 2015.
The text of the motion approved in this vote was:
- (1) It is expedient to amend the law with respect to the National Debt and the public revenue and to make further provision in connection with finance.
- (2) This Resolution does not extend to the making of any amendment with respect to value added tax so as to provide—
- (a) for zero-rating or exempting a supply, acquisition or importation;
- (b) for refunding an amount of tax;
- (c) for any relief, other than a relief that:
- (i) so far as it is applicable to goods, applies to goods of every description, and
- (ii) so far as it is applicable to services, applies to services of every description.
Votes by party, red entries are votes against the majority for that party.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (Aye)||Minority (No)||Both||Turnout|
|Con||287 (+1 tell)||0||0||95.0%|
|Lab||0||231 (+2 tell)||0||90.3%|
|LDem||44 (+1 tell)||0||0||80.4%|