Social housing, rail, road, apprenticeships and a rise in low pay among policies

  • Rents in social housing cut by 1%
  • Network Rail to be funded via train operating companies. Newly-appointed chairman Peter Hendy to review affordability of client’s pipeline, while HS1 chief executive Nicola Shaw to devise revamp plan for Network Rail by next Spring.
  • Apprenticeships levy to be introduced for large firms
  • Compulsory national living wage to come into force in April 2016 for over 25s, starting at £7.20, with aim or rising to £9 by end 2020.
  • New road improvements fund announced, to be funded by changes to vehicle excise duty.
  • From April 2017, the first £1m of a home’s value will be free from inheritance tax, while tax incentives for buy to let mortgages will be reduced.
  • Review of business energy efficiency taxes, with consultation to launch this autumn,