George Osborne has said he will set out savings of £17billion, with £12billion coming from welfare cuts and £5billion coming from tax evasion/avoidance measures.

Further savings will be made through departmental budget cuts, which will be announced in the Autumn budget, but he said: no year would “see cuts like we saw in 2011/2012 and 2012/2013”.

Living Wage:

The living wage will be raised to £9 an hour by 2020, with this starting at £7.20 in April 2016. He said: “Britain deserves a pay rise and it will get a pay rise.”


They will fully fund the ‘Steven’s Plan’ for the NHS and will provide a further £8billion each year by 2020.

“This is proof that the NHS is only truly safe in Conservatives hands,” said Osborne.


Bank levy will be phased out and replaced with an 8% surcharge on bank profits.

Welfare cuts and benefits:

Disability benefits will not be taxed or means-tested.

There will be a benefits cap reduction to £23,000 in London and £20,000 in the rest of the UK.


Tax free personal allowance will be raised to £11,000 by 2016 and there will be a higher rate of tax threshold, starting at £43,000 from next year.

There will be a change to inheritance tax, with an allowance of £175,000 on homes left to children and grandchildren from 2017.

Sunday trading hours:

English and Welsh counties and elected mayors will be given the power to set Sunday trading hours in their areas.


Permanent non-dom tax status will be abolished from April 2017.

Osborne said an additional £1.5billion in annual tax revenue would be brought through claiming tax from people who have lived for 15 of the past 20 years in the UK.