Summer Budget 2015: George Osborne's best quotes
During his 9,847-word long summer Budget speech, chancellor George Osborne was heckled, harried, taunted and mocked by half of the house, while the other half cheered and screamed their appreciation.
The speech may have been far shorter than the record for a Budget speech - given by William Gladstone in 1853 and lasting four hours and forty-five minutes - but it was long enough for deputy speaker Lindsay Hoyle to have the time to issue several stern rebukes to a rowdy House of Commons
Here, we've pulled out the best quotes from the chancellor's speech, so you can see exactly what got MPs in the House so hot under the collar.
- "The British economy I report on today is fundamentally stronger than it was five years ago."
- "We're growing faster than any other major advanced economy. Our businesses have created two million more jobs. Living standards are rising strongly. Our long-term economic plan is working."
- "You only have to look at the crisis unfolding in Greece as I speak, to realise that if a country's not in control of its borrowing, the borrowing takes control of the country."
- "This is a Budget for working people, that sets out a plan for Britain for the next five years, [building towards] a higher wage, lower tax, lower welfare country."
- "The greatest mistake this country could make is to believe all our problems have been solved.
- "This is a one-nation government that does the best thing for the economy and the right thing for the country."
- "This is a big Budget for a country with big ambitions."
- "Many difficult but necessary decisions are required to save money and this will be done with moderation but determination."
- "Britain back in the black, and in its strongest position for almost half a century."
- "Without sound public finances there is no economic security for working people."
- "Those who suffer when governments run unsustainable deficits are not the richest but the poorest."
- "In normal economic times governments should run an overall budget surplus, so our country is better prepared for whatever storms lie ahead. In short we should always fix the roof while the sun is shining."
- "The richest are paying a greater share of tax than they were at the start of the last parliament. And more than that, we are continuing to devote a greater share of state support to the most vulnerable. As I said they would – those with the broadest shoulders are bearing the greatest burden.
- "We are all in this together."
- "We inherited a system where bankers boasted of paying lower tax rates than their cleaners, and some multinationals shifted all their profits offshore. We've stopped these blatant abuses that were allowed to flourish, and many others."
- "We're going to add tough new penalties… and name and shame serial users of failed tax avoidance schemes. These people should have nowhere to hide."
- "It is not fair that people who are born in the UK to parents who are domiciled here, can later in life claim to be non-doms and live here. It is not fair that non-doms with residential property here in the UK can put it in an offshore company and avoid inheritance tax. From now on they will pay the same tax as everyone else."
- "We're supporting the incredibly courageous members of our Special Forces who are injured and, in the 75th Anniversary of the Victoria Cross and George Cross Association, quadrupling the annual annuity we pay to those who demonstrated the highest valour and who I had the honour of meeting yesterday."
- "We have to move Britain from a low-wage, high-tax, high-welfare society to a higher-wage, lower-tax, lower-welfare economy."
- "The best route out of poverty is work."
- "Since the crash, average earnings have risen by 11%, but most benefits have risen by 21%. To correct that, we will legislate to freeze working age benefits for four years."
- "The Budget today puts security first. The economic security of a country that lives within its means. The financial security of lower taxes and a new National Living Wage. The national security of a Britain that defends itself and its values."
- "One purpose. One policy. One nation."
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The tax levied on the total value of your estate after you die. IHT has to be paid by the beneficiaries of your estate before they can receive any of the money from it. The money can’t be taken from the value of the estate _– it has to be paid before any money can be released. There is an IHT threshold – known as the “nil-rate band” – below which no tax is levied (£325,000 in 2011/12). Any amount above the nil-rate band is subject to tax at 40%. If your estate totals £600,000, there is no tax on the first £325,000; however your estate will pay 40% tax on the remaining £275,000, a total of £110,000. Prudent tax planning can reduce your IHT liability, so always consult a specialist solicitor.
In exchange for any lump sum – usually your pension fund – an annuity is “bought” from an insurance company and provides an income for life. When you die, the income stops. Annuity rates fluctuate daily and depend on your sex (although from 21 December 2012 insurers will no longer be able to use gender as a factor when calculating annuities), age, health and a number of other factors, so you have to pick the right one and, once bought, its terms cannot be altered, so seek financial advice.