Poll: Osborne’s ‘comeback’ budget promises London home and transport boost

Chancellor of the Exchequer George Osborne delivers his Budget statement to the House of Commons, London. (Pic by PA)

Chancellor of the Exchequer George Osborne delivers his Budget statement to the House of Commons, London. (Pic by PA) - Credit: PA Wire/Press Association Images

Chancellor George Osborne announced a “saving revolution” today in his final budget before the General Election.

With just 50 days to go, he urged voters to reject the “chaos” Labour’s spending would bring and stick with a party delivering economic security.

He also promised new investment in the capital’s transport and the London Land Commission.

“This is a budget for Britain – the comeback country,” he said. “We don’t pull the rest of the country up by pulling London down.”

He said the government had met its 2010 target to end this Parliament with national debt falling as a share of GDP.

“The sun is shining and we are fixing the roof,” he said. “In the last year we have grown faster than any other major advanced economy in the world.”

Osborne believes four “major new steps” will boost Britain’s economy while giving its citizens greater control over finances.

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The first is to give 5million pensioners access to annuities and the second to create ISAs allowing users to put in and take out £15,240 without being taxed.

In what Osborne called a combination of two of the coalition’s most successful policies, he also announced a help-to-buy ISA.

This means that for every £200 first-time home-buyers put toward a deposit, the government would top it up by £50.

His final step is a personal savings allowance, which would allow savings up to £1,000 to be tax-free and Osborne said would benefit 17million people.

The government also committed 25million to help war veterans, proposed cutting petrol revenue tax from 50 per cent to 35pc and trebled the amount available to repair church roofs.

On duty payments, the chancellor announced another penny off the pint, 2pc off scotch and 2pc off cider.

Vote in our poll to share your views on whether the government should increase investment in London’s transport and housing.

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