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Chancellor George Osborne revealed few surprises in today’s Budget - on the one hand bullish about jobs growth and on the other cautiously revising down the UK’s growth prospects for this year. The key announcements for employers were the introduction of compulsory national insurance contributions (NICs) on termination payments over £30,000, and an increase in the threshold for personal tax contributions. Osborne announced that 150,000 more jobs have been created during this Parliament than the Office for Budget Responsibility (OBR) predicted, with 90% of those in skilled jobs, and three-quarters full time. In addition, the OBR predicted another 1 million jobs will be created this Parliament, Osborne said. Figures from the Office for National Statistics released today revealed that employment, at a rate of 74.1%, was at its joint-highest level since records began in 1971. The Chancellor claimed this was “a budget for working people” and announced that from April 2017, the tax threshold will rise to £11,500 - on target to reach the £12,500 threshold promised in the Conservative manifesto before the party came to power. The threshold for employees paying the 40% tax rate will also be increased, to
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