Having commercial awareness and an understanding of the wider economy is invaluable when practising as a lawyer. Most law firms (especially the large commercial law firms) will expect you to have some commercial awareness and business acumen.
In law firm interviews, candidates are frequently asked questions about their thoughts on the economy so it’s important to keep up-to-date with what is going on.
Here is a very quick summary of today’s Budget:
- To tackle childhood obesity, a new sugar tax is going to be introduced in 2018 on the makers of soft drinks.
- Corporation tax is going to be cut to 17% by April 2020. The aim is to provide further support to businesses.
- Business rates relief for small businesses is going to increase from £6,000 to £15,000.
- Fuel duty is going to be frozen again.
- The tax-free personal allowance is going to increase to £11,500 next year.
- There is going to be an increase in the 40p tax threshold to £45,000 from April 2017. This will be a benefit to those with high incomes.
- Capital gains tax is going to be cut from 28% to 20%.
- The ISA limit will be increased to £20,000
- Every school in England is to become an academy by 2020.
- The growth forecast for 2016 has been revised and is down to 2% rather than the anticipated 2.4%.