Nottinghamshire households face more cuts to services but less personal taxation as part of the Government’s 2016 budget.
Chancellor George Osborne delivered his speech in the House of Commons – and had a few surprises up his sleeve.
Our live blog brought you all the breaking news from key financial decisions and their potential impact on the city and county.
For more see our guide and share your views on our Facebook page or tweet @RA_Johns.
13:50 – That concludes our live blog summary of today’s key points, join us on Freeview Channel 8, Sky 117, Virgin 159 from 5:30pm for a round up in our news bulletins, stay with us online for analysis throughout the afternoon.
13:40 – Corbyn takes to the dispatch box, and gives his first blow saying that the budget is ‘a culmination of [Osborne’s] six years of failures.’
13:39 – The Chancellor can begin to relax as the budget delivery is over. Up next is Jeremy Corbyn to give him a grilling about the plans…
13:36 – Tax free personal allowance to rise to £11,500 in 2017. Osborne claims this will allow tax cuts for up to 1.3m people.
13:35 – From April next year the ISA limit will increase from £15,000 to £20,000. There will also be an introduction of ‘The Lifetime ISA’ for young people to go towards retirement or their first home. For every £4 you save Osborne says you will receive £1.
13:24 – The Chancellor appeared nervous as he announced a new sugar tax, he says obesity drives diseases and costs the NHS billions a year. The new levy will be introduced in 2018. The Office for Budget Responsibility (OBR) estimates this will raise £500m which will go towards sports funding in schools.
13:21 – Tax breaks for museums to allow them to tour around the UK as suggested by Newark MP Robert Jenrick have been given the go ahead by the Chancellor.
13:18 – Sherwood MP Mark Spencer says that Nottinghamshire, Derby and Leicester will need to work together for a devolution deal or look at new options for Notts.
Lincolnshire also gets deal, Notts Derby and Leicester need to work together or we will have to look at a Notts Unitary option
— Mark Spencer MP (@Mark_Spencer) March 16, 2016
13:14 – “North, South, East and West, the devolution revolution is taking hold”, Osborne says there will be a new elected mayor for the West Midlands, but no mention of devolution plans for Nottinghamshire.
13:08 – Osborne says that if you bought a pub in the Midlands for £200,000 you’d currently pay £8k in stamp duty, but from midnight tonight that will reduce to £3k; meaning hundreds of small businesses in the Midlands could benefit.
Newsnights editor Ian Katz seems to like the idea…
Think I might buy pub in the Midlands and put it on Airbnb #Budget2016
— Ian Katz (@iankatz1000) March 16, 2016
13:03 – Cuts of £3.5bn will be introduced by 2020.
12:59 – £12bn will be raised from closing tax loopholes and tackling tax avoidance and evasion.
12:53 – East Midlands Chamber is hoping a tax boost for its members by 4pm tonight.
Promises a Budget for stability #EMCBudget16 – early noises about lower tax on biz welcome, let’s see if he can deliver
— Jon Smart (@EMChamberNews) March 16, 2016
12:49 – The Chancellor says that funding for schools and the NHS will be increased.
12:42 – Osborne says that the growth forecast for the next financial year will be 2% – he says that those numbers are ‘predicated on Britain staying in the EU’.
12:35 – George Osborne has risen to deliver his 8th budget speech, hold on to your hats!
12:31 – Hello and welcome to our live blog for the Budget 2016, I’m Ryan Johns and I’ll be steering you through the jargon of this afternoon’s announcement, the Chancellor has not yet risen to give his speech, which will begin after Prime Minister’s Questions.
