Search

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.

0 comments

Latest News Stories

Tickets are being accepted on local buses

The morning commute is being disrupted by train alterations and cancellations on Greater Anglia services following a fault with the signalling system and the passenger alarm being activated.

Yesterday, 07:00
Tuesday's event will feature a talk from Holocaust survivor Rudi Oppenheimer

Holocaust survivor Rudi Oppenheimer will be sharing his story at the Old Town Hall on Tuesday.

Newham
Saturday, January 24, 2015
Police action day at the Stratford Mall. Chief inspector Shabnam Choudhri with Reginea Savepy, age four and Ria Savepy, age six.

“The children singing on the stage today, in just four or five year’s time they could be involved in gangs.

Borough
Friday, January 23, 2015
Shah Ahmed

A Custom House man has been handed a suspended sentence for sexually assaulting a woman on a bus.

Snaresbrook Crown Court

Most read news

No one is happy he’s bagged the Knight of the Order of Australia award.

Press Association figures reveal the extensive use of new domestic violence laws.

It’s easy to lose sight of how beautiful London is when you’re crammed into a commuter train. Let these flying Instagram users take you on a bird’s eye tour of London.

People have pretty good memories when it comes to the outstanding performance of a tub of lard on HIGNFY.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition
Family Notices 24
Our trusted business finder