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

Yesterday, 19:00
Paralympic athlete David Weir

The biggest names in Paralympic sport will return to the Queen Elizabeth Olympic Park this summer and six-time champion David Weir cannot wait to revisit the memories of 2012 .

Elizabeth Olympic Park
Yesterday, 15:56
The Business Show at the ExCeL arena

More than 25,000 people descended on the ExCel Arena last week for the country’s biggest business exhibition.

Europe
Yesterday, 16:05
People taking part in Edible Bus Stop® community planting days

Would-be gardeners are being invited to use their green fingers tomorrow by helping to plant what could be London’s very first edible postcode.

London
Yesterday, 12:47
Ellie Simmonds teaches children from Carpenters Primary School to swim at the London Aquatics Centre. Photo credit: John Walton/PA Wire

Four-time gold medal winner Ellie Simmonds made a splash on Wednesday when she treated pupils to a special swimming lesson.

London Aquatics Centre

Most read news

Competitions

You could take in stunning views of London over brunch at the Sky Garden

Celebrate lighter, brighter days with the chance of winning an indulgent brunch for two with a bottle of bubbles at Darwin, the cool and casual brasserie 36 floors up at Sky Garden.

Read more
Time to experience the dizzy heights of London's tallest attraction!

Morgan Pryce, commercial property experts based in London are offering one lucky reader the chance to win a pair of tickets to The Shard viewing platform in the city itself.

Read more

Digital Edition

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


Our trusted business finder