Summer Budget Briefing

Technical Notes

On 8 July 2015, George Osborne, the Chancellor of the Exchequer, delivered the first all‐Conservative Budget since 1996 as a “Budget for working people”. The first Budget after a general election is traditionally the time for introducing unpopular measures. The Chancellor is not constrained by a coalition partner and has nearly five years until the next election. However, the Budget included measures to please both the Left and the Right, including significant non‐manifesto proposals such as a “national living wage” and restrictions on tax relief for buy‐to‐let landlords. Surprisingly, there were no changes to the capital gains tax regime. Mr Osborne’s stated aim is to move the UK from a “low wage, high tax, high welfare” economy to a “higher wage, lower tax and lower welfare” economy.

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