Chancellor George Osborne presented the first all-Conservative budget since 1996.
The Chancellor today announced the 2015 budget which will see working-age benefits frozen for four years. Child tax credits will be limited to two children from April 2017 for new claimants and rents in the social housing sector will be reduced by 1% a year for the next four years.
A new national living wage will be introduced next year, pay will rise from £7.20 per hour next April to £9 per hour by 2020.
As expected Chancellor George Osborne scrapped student grants. The 2016/17 student maintenance grants will be replaced by loans, which will be payable on incomes above £21,000.
The news of student maintenance being cut wasn’t received well be some Nottingham students.
Nottingham Trent University masters student, Andrew Cowper doesn’t agree with maintenance grants being scrapped. He said: “I think it’s completely unfair, I mean first of all I had the maintenance loan when I started University and it wasn’t enough then.”
Prime Minister David Cameron’s spokesperson said: “This is a Budget that will put our country firmly on the path from a high tax, high welfare society to a lower tax, lower welfare society.
It will provide a strong and solid foundation to secure a better future for people across the UK in the years ahead.
Spokesperson for Prime Minister David Cameron.
The proposal also suggested longer Sunday trading hours so shops in England and Wales could be allowed to open till later.
This could potentially generate more than £200 million a year in additional sales in London. The proposal comes after larger supermarkets and stores were allowed to open for longer on Sundays during the 2012 London Olympics.
But is this a good idea for supermarkets to be able to open up for longer in Nottingham?
Video: Nottingham residents give their thoughts on supermarkets being able to open for longer.
Vishnu Patel who owns the Sherwood News Off-license is worried about how the longer supermarket hours will effect his small business.
He said: “We used to get people coming early in the morning to get a paper and things but now if people can go somewhere later they will go to the supermarket rather than the small shop.”
