Budget 2016

pound notes

16 / 3 / 2016 11.27am

George Osborne today (16 March 2016) presented his Budget to MPs in the House of Commons

Key point of interest to employers in the NHS, and the NHS workforce, included:

  • increased employer contribution for public sector pension schemes. From 2019 employer contributions rates for public sector pension schemes will increase. We are seeking further detail on the impact this will have for employers in the NHS and will share this with you as soon as we have more information. 
  • the tax-free personal allowance to rise to £11,500 from April 2017
  • higher-rate tax threshold to increase in April 2017 to £45,000 from £42,385
  • tax relief to be introduced on financial advice
  • state-backed savings scheme for low-paid workers, worth up to £1,200 over four years
  • from April 2017, an increase in the ISA limit to £20,000 per year for all, from £15,000
  • introduction of a ‘lifetime ISA,’ for the under 40s to save towards pensions and/or buying a home, with a government bonus of £1 for every £4 saved until the age of 50
  • Libor funds to be spent on children's hospital services in Manchester, Sheffield, Birmingham and Southampton
  • fuel duty to be frozen for the sixth consecutive year
  • Crossrail2 rail line to be commissioned, to improve transport across London and the south east of England. 

More detail will be added as it becomes available. In the meantime, the full Budget is available on the Gov.uk website.

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