Keeping up-to-date with what is going on in the economy is vital for aspiring lawyers; it’s even more important if you have an interview coming up. As a lawyer, the clients you advise will be affected by what is going on in the economy and regardless of which area you want to go into or already practise in, it’s good to have some knowledge of the economic climate. So, here’s a quick summary of 7 things that will cost more from 1 April 2016:
- Employing people – for those aged over 25, the government has introduced the “national living wage”. This means that anyone aged over 25 will be entitled to a minimum wage of £7.20 per hour.
- Second homes – anyone purchasing a second home or a buy-to-let investment will now have to pay an additional 3% in stamp duty.
- Council tax – local authorities have been given the power to charge an extra 2% to fund social care.
- Water bills – the cost of household water and sewerage will go up by £2 to £389 for the average household.
- NHS prescriptions – charges for prescriptions will increase by 2.4%.
- NHS dental charges – seeing the dentist will cost 5% more. This will affect different types of treatments from dental examinations to root canal treatment.
- Air passenger duty – on long haul economy flights this will go up from £71 to £73. The rise will be more if you are flying anything other than economy.