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, 16:09
Planned engineering work could affect your journey this weekend.

There is a relatively minor programme of planned closures on the Tube and Overground network this weekend - but they could still affect your journey. Read on for the lowdown.

Yesterday, 15:39
Egita Galvona has set up a sewing class workshop in Stratford

A clothes-making mum has set up her own sewing workshop to give others the freedom to create their own threads.

Newham College
Yesterday, 12:00
The Scrabble Champions tournament is taking place at the ExCel

For many people, Scrabble is a game that only gets played with the family when you’re full of roast turkey and trimmings.

London
Yesterday, 11:30
Recycling rates in Newham are the lowest in the capital

Recycling rates in Newham are the worst in the capital, according to new data released today by the London Assembly,

London

Most read news

Protesters have been warned they are banned from setting up camp at the landmark.

John Cantlie features in the new IS video, in which he talks about a recent failed military attack.

From Britain First’s Facebook posts, you would assume they’d won the Rochester by-election. They didn’t, but they’re claiming it anyway.

At 100 years old, this was Ruby Holt’s first visit to the beach – and the first time she saw the ocean.

Digital Edition

Image
Read the Newham Recorder e-edition today E-edition