Chancellor George Osborne to announce the 2014 Budget this afternoon

07:00 19 March 2014

Chancellor of the Exchequer George Osborne

Chancellor of the Exchequer George Osborne

PA Archive/Press Association Images

Chancellor George Osborne will outline his Budget for the year later today with a number of key areas expected to be mentioned.

The economy appears to be in better shape than the previous two years, with house prices rocketing and wage growth looking to potentially outstrip inflation by Christmas.

But those hoping for a loosening on austerity are likely to be disappointed, the message from Downing Street being that it would be foolish to risk recovery with any drastic spending increases.

The Chancellor is expected to grant the Liberal Democrats their wish of raising the tax-free allowance by £500 to £10,500 - something billed by Nick Clegg as a “workers bonus”.

Beer drinkers are expected to be left alone but duty on wine and spirits is set to rise.

Smokers could also be hit with rumours circulating of 28p rises for packs of 20 cigarettes and 25gs of roll-up tobacco.

The Chancellor has already confirmed that the government’s Help to Buy scheme will be extended to 2020 for people buying new-build homes, at a cost of about £6 billion.

The stamp duty threshold could also be doubled from £125,000 to £250,000.

Some reports have suggested Mr Osborne could slash 1p off the basic rate of income tax reducing it to 19p - a move that would be worth £160 to those on average salaries of £26,500.

Of course until the budget is officially announced at 12.30pm tomorrow, everything is purely speculation.

Check back here throughout the day for updates and reaction.


Latest News Stories

Firefighters are called out twice a day to Londoners trapped in the toilet

Going to the toilet is a fairly simple task for most people – that is, until you get locked in.

London Fire Brigade
Yesterday, 17:00
Glasshouse Gardens topping out ceremony

A year and a half on from when construction work began, the tallest block in Glasshouse Gardens has reached its peak.

Elizabeth Olympic
Yesterday, 12:00
Year 6 pupils in Newham are the fattest in London      Photo: Chris Radburn/PA

Nearly half of all children leaving primary school in the borough are overweight or obese, newly released figures show – the highest proportion in the capital.

Newham Council
Yesterday, 07:00
The Mayor of Newham Sir Robin Wales and the Young Mayor of Newham Alex Jarrett donate to the Christmas Toy Appeal

The Christmas Toy Appeal received a boost this week when not just one mayor but two handed over a selection of gifts.

Community Links

Most read news


Section Boys, Big Tipper, Big Narstie, Lady Leshurr, Trapstar, and UFest street team members

We’ve got 10 pairs of tickets to give away to watch some of the country’s best and brightest urban music talent at UFest, London’s official youth festival.

Read more
MAC Makeup

MAC are renowned for their flawless, fabulous make up that is used worldwide by the stars. You too can have the chance to have the perfect makeup to suit your needs with £1,000 to spend on all the glam goodies you like!

Read more

You are never far from an Argos, wherever in the country you may be. They are like a magical cavern where whatever you need they seem to have it out the back behind the counter. So why not put them to the test with this great MyOffers competition to win £1000 to spend in-store.

Read more

Digital Edition

Read the Newham Recorder e-edition today E-edition
Family Notices 24

Local business directory

Our trusted business finder