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Key points of Budget 2014: At-a-glance Key points of Budget 2014: At-a-glance
(35 minutes later)
Here are the key points of Chancellor George Osborne's Budget, updated as the speech is delivered from 12:30 GMT Here are the key points of Chancellor George Osborne's Budget.
State of the economy
GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018
Coinage
Twelve-sided £1 coin to be introduced in 2017
TaxationTaxation
Point at which people start paying income tax will be raised to £10,500
Bingo duty will be halved to 10%
Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year
Inheritance tax waived for members of emergency services who give their lives in jobInheritance tax waived for members of emergency services who give their lives in job
Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000
All long-haul flights to carry lower rate of air duty currently charged on flights to USAll long-haul flights to carry lower rate of air duty currently charged on flights to US
Savings
Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July
The 10p tax rate for savers abolished
Cap on Premium Bonds to be lifted from £30,000 to £40,000 in June and £50,000 next year
Pensions
All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity
Taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate, down from 55%
Increase in total pension savings people can take as a lump sum to £30,000
Fuel, Alcohol and Tobacco
Beer duty cut by 1p a pint
Duty on ordinary cider frozen
Fuel duty rise planned for September will not happen
Tobacco duty to rise by 2% above inflation
State of the economy
GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018
Coinage
Twelve-sided £1 coin to be introduced in 2017
Welfare capWelfare cap
Budget to be capped at £119bn for 2015-16 Budget to be capped at £119bn for 2015-16, rising in line with inflation to £127bn in 2018-19
Inflation
Public borrowing/deficitPublic borrowing/deficit
Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19
Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19
A new charter for budget responsibility to be brought in this autumnA new charter for budget responsibility to be brought in this autumn
Promises to make permanent £1bn reduction in government department overspendsPromises to make permanent £1bn reduction in government department overspends
BusinessBusiness
Lending for exporters doubled to £3bn and interest rates on that lending cut by a thirdLending for exporters doubled to £3bn and interest rates on that lending cut by a third
Business rate discounts and enhanced capital allowances in enterprise zones extended for three yearsBusiness rate discounts and enhanced capital allowances in enterprise zones extended for three years
Fuel, Alcohol and Tobacco
Housing/infrastructureHousing/infrastructure
Help to Buy scheme extended to 2020 Help to Buy equity loan scheme extended to 2020
Support for building of more than 200,000 new homesSupport for building of more than 200,000 new homes
£270m guarantee for Mersey Gateway bridge£270m guarantee for Mersey Gateway bridge
Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4
£140m extra for flood defence repairs and maintenance£140m extra for flood defence repairs and maintenance
£200m made available to fix potholes£200m made available to fix potholes