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| Budget 2014: Osborne 'to support resilient economy' | Budget 2014: Osborne 'to support resilient economy' |
| (35 minutes later) | |
| George Osborne is to set out his plans to support a "resilient" economy in Wednesday's Budget, focused on boosting economic security and aspiration. | George Osborne is to set out his plans to support a "resilient" economy in Wednesday's Budget, focused on boosting economic security and aspiration. |
| Ahead of the chancellor's speech at 12:30 GMT, Treasury sources said the government's economic plan was working but the "job was far from done". | Ahead of the chancellor's speech at 12:30 GMT, Treasury sources said the government's economic plan was working but the "job was far from done". |
| Among tax changes expected, the amount of income people receive tax-free could be raised above £10,000. | Among tax changes expected, the amount of income people receive tax-free could be raised above £10,000. |
| But Labour said there had already been 24 separate tax increases since 2010. | But Labour said there had already been 24 separate tax increases since 2010. |
| Leader Ed Miliband said families had become £1,600 a year worse off under the coalition. | Leader Ed Miliband said families had become £1,600 a year worse off under the coalition. |
| Mr Osborne's fifth Budget as chancellor comes amid a strengthening economic recovery, with inflation falling and growth this year projected to be among the strongest of any Western economy. | |
| The latest official figures, released on Wednesday, show unemployment fell by 63,000 in three months to January. | |
| Boost exports | Boost exports |
| Business groups have forecast that the UK's total economic output will exceed its pre-recession peak in the second quarter of 2014, after the economy grew by 1.9% in 2013. | Business groups have forecast that the UK's total economic output will exceed its pre-recession peak in the second quarter of 2014, after the economy grew by 1.9% in 2013. |
| But Labour says household budgets are being squeezed as prices continue to rise faster than wages. | But Labour says household budgets are being squeezed as prices continue to rise faster than wages. |
| And some ministers have also expressed concerns that the recovery is being driven by debt-fuelled consumption and a boom in house prices in London and the south of England. | And some ministers have also expressed concerns that the recovery is being driven by debt-fuelled consumption and a boom in house prices in London and the south of England. |
| BBC political editor Nick Robinson said Mr Osborne was focused on addressing what he saw as the UK's historic economic weaknesses, particularly the need to increase manufacturing output and improve the balance of payments by boosting exports. | BBC political editor Nick Robinson said Mr Osborne was focused on addressing what he saw as the UK's historic economic weaknesses, particularly the need to increase manufacturing output and improve the balance of payments by boosting exports. |
| He said he expected the chancellor to unveil schemes, incentives and tax breaks for some businesses. | He said he expected the chancellor to unveil schemes, incentives and tax breaks for some businesses. |
| A further rise in the personal tax allowance - the level at which working-age people start paying income tax - was also possible, he added. It is already due to rise to £10,000 in April. | A further rise in the personal tax allowance - the level at which working-age people start paying income tax - was also possible, he added. It is already due to rise to £10,000 in April. |
| 'Held nerve' | 'Held nerve' |
| Alongside details of proposed tax and spending changes, Mr Osborne will announce the Office for Budget Responsibility's latest forecasts for economic growth and government borrowing for the years ahead. | Alongside details of proposed tax and spending changes, Mr Osborne will announce the Office for Budget Responsibility's latest forecasts for economic growth and government borrowing for the years ahead. |
| Mr Osborne has insisted deficit reduction remains his priority, with the ultimate goal of delivering an annual budget surplus before 2020. But critics say he has missed targets and has borrowed more than originally planned in 2010. | Mr Osborne has insisted deficit reduction remains his priority, with the ultimate goal of delivering an annual budget surplus before 2020. But critics say he has missed targets and has borrowed more than originally planned in 2010. |
| In the run-up to the Budget, the government has announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election, a proposed rise in the hourly minimum wage to £6.50 and an extension of the Help to Buy Scheme for aspiring homeowners. | In the run-up to the Budget, the government has announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election, a proposed rise in the hourly minimum wage to £6.50 and an extension of the Help to Buy Scheme for aspiring homeowners. |
| Other measures also predicted to be in Wednesday's statement include a cut to bingo duty, extra money for flood defences and a requirement for banks to refer businesses whose loan applications they reject to alternative lenders. | Other measures also predicted to be in Wednesday's statement include a cut to bingo duty, extra money for flood defences and a requirement for banks to refer businesses whose loan applications they reject to alternative lenders. |
| Mr Osborne is also expected to give more details of a proposed five-year cap on structural welfare spending from 2015. | Mr Osborne is also expected to give more details of a proposed five-year cap on structural welfare spending from 2015. |
| And the Sun newspaper reports that that inheritance tax will no longer be levied on the estates of police officers, firefighters and ambulance crews who die in the line of duty. | And the Sun newspaper reports that that inheritance tax will no longer be levied on the estates of police officers, firefighters and ambulance crews who die in the line of duty. |
| A Treasury source said that despite the economic recovery, the UK was still borrowing too much and difficult decisions would have to be made. | A Treasury source said that despite the economic recovery, the UK was still borrowing too much and difficult decisions would have to be made. |
| "We have to invest more and export more, and support growth in every region of our country and all parts of our economy," they said. The key to future prosperity, the source added, was ensuring the UK "earns its way in the world, backs business, and helps people achieve their aspirations". | "We have to invest more and export more, and support growth in every region of our country and all parts of our economy," they said. The key to future prosperity, the source added, was ensuring the UK "earns its way in the world, backs business, and helps people achieve their aspirations". |
| 'Tory con' | 'Tory con' |
| The Confederation of British Industry has urged ministers to do more to encourage business investment as well as reducing cost pressures on energy-intensive companies. | The Confederation of British Industry has urged ministers to do more to encourage business investment as well as reducing cost pressures on energy-intensive companies. |
| But Labour said the reality was that millions of people were worse off than when the coalition came to power in 2010. | But Labour said the reality was that millions of people were worse off than when the coalition came to power in 2010. |
| Mr Miliband told the BBC: "Today is going to see a contrast between a Conservative Budget that claims our economy is fixed and family budgets that are £1,600 a year worse off since the general election. That's why the top priority today has to be the cost-of-living crisis that so many millions of families are facing. | Mr Miliband told the BBC: "Today is going to see a contrast between a Conservative Budget that claims our economy is fixed and family budgets that are £1,600 a year worse off since the general election. That's why the top priority today has to be the cost-of-living crisis that so many millions of families are facing. |
| "I hope we don't see complacency from the chancellor today, because I think so many families across the country are incredibly hard-pressed. What I hope we see is an understanding of the difficulties families are facing and a response to make life easier and better for them." | "I hope we don't see complacency from the chancellor today, because I think so many families across the country are incredibly hard-pressed. What I hope we see is an understanding of the difficulties families are facing and a response to make life easier and better for them." |
| Labour has pledged that if it wins the next election, it will reinstate the 10p tax rate for low earners and raise the top rate of tax to 50p for those earning more than £150,000 a year. | Labour has pledged that if it wins the next election, it will reinstate the 10p tax rate for low earners and raise the top rate of tax to 50p for those earning more than £150,000 a year. |
| What issues do you face as a family? What do you want to see in this year's Budget? Email us at haveyoursay@bbc.co.uk adding 'Budget' in the subject heading and including your contact details. | What issues do you face as a family? What do you want to see in this year's Budget? Email us at haveyoursay@bbc.co.uk adding 'Budget' in the subject heading and including your contact details. |