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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. | Here are the key points of Chancellor George Osborne's Budget. |
| Taxation | Taxation |
| Point at which people start paying income tax will be raised to £10,500 | Point at which people start paying income tax will be raised to £10,500 |
| Bingo duty will be halved to 10% | 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 | 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 job | Inheritance 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 £500,000 | Tax 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 US | All long-haul flights to carry lower rate of air duty currently charged on flights to US |
| Savings | Savings |
| Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July | 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 | 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 | Cap on Premium Bonds to be lifted from £30,000 to £40,000 in June and £50,000 next year |
| Pensions | Pensions |
| All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity | 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% | 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 | Increase in total pension savings people can take as a lump sum to £30,000 |
| New Pensioner Bond, paying "market-leading" rates, available from January to over-65s, with possible rates of 2.8% for one-year bond and 4% for three-year bond - up to £10,000 to be saved in each bond | New Pensioner Bond, paying "market-leading" rates, available from January to over-65s, with possible rates of 2.8% for one-year bond and 4% for three-year bond - up to £10,000 to be saved in each bond |
| Alcohol and Tobacco | |
| Beer duty cut by 1p a pint | Beer duty cut by 1p a pint |
| Duty on spirits and ordinary cider frozen | Duty on spirits and ordinary cider frozen |
| Tobacco duty to rise by 2% above inflation and this escalator to be extended beyond the next general election | Tobacco duty to rise by 2% above inflation and this escalator to be extended beyond the next general election |
| Energy and fuel | |
| Fuel duty rise planned for September will not happen | |
| £7bn package to cut energy bills, including £18 per ton cap on carbon price support, predicted to save medium-sized manufacturers £50,000 and families £15 a year | £7bn package to cut energy bills, including £18 per ton cap on carbon price support, predicted to save medium-sized manufacturers £50,000 and families £15 a year |
| State of the economy | 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 | 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 | Coinage |
| Twelve-sided £1 coin to be introduced in 2017 | Twelve-sided £1 coin to be introduced in 2017 |
| Welfare | Welfare |
| Budget to be capped at £119bn for 2015-16, rising in line with inflation to £127bn in 2018-19. The cap includes child benefit, incapacity benefit, winter fuel payment and income support - but does not include state pension and Jobseeker's Allowance | Budget to be capped at £119bn for 2015-16, rising in line with inflation to £127bn in 2018-19. The cap includes child benefit, incapacity benefit, winter fuel payment and income support - but does not include state pension and Jobseeker's Allowance |
| Public borrowing/deficit | Public 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 2018-19 | 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 2018-19 |
| Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19 | Borrowing 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 autumn | A new charter for budget responsibility to be brought in this autumn |
| Promises to make permanent £1bn reduction in government department overspends | Promises to make permanent £1bn reduction in government department overspends |
| Business | Business |
| Direct lending from government to UK businesses to promote exports doubled to £3bn and interest rates on that lending cut by a third | Direct lending from government to UK businesses to promote exports 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 years | Business rate discounts and enhanced capital allowances in enterprise zones extended for three years |
| Housing/infrastructure | Housing/infrastructure |
| Help to Buy equity scheme for new-build homes extended to 2020 | Help to Buy equity scheme for new-build homes extended to 2020 |
| Support for building of more than 200,000 new homes | Support 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 M4 | Legislation 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 |