Plans to increase the threshold for national insurance, overhaul the audit regulator and hike research and development (R&D) tax relief and were confirmed in the Queen’s Speech. The plan is to increase R&D tax credits to 13% and review the R&D related costs which qualify for tax credits to include cloud computing and data in the qualifying criteria.

It will also go ahead with plans to increase the national insurance threshold to £9,500 saving the typical employee around £100 in 2020/21 as it will come into effect in the new tax year on 6 April. It has also committed to further increases in the national living wage to £10.50 by 2024. They plan to lower the age limit from 25 to 21.