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Budget 2014: Summary of The Independent's coverage Budget 2014: Summary of The Independent's coverage
(35 minutes later)
Budget Day began with the announcement of a new, 'edgier' £1 coin.Budget Day began with the announcement of a new, 'edgier' £1 coin.
But for families, pensioners and businesses across the country, the devil of George Osborne's changes today will, inevitably, be in the detail. But for families, pensioners and businesses across the country, the devil of George Osborne's changes today was, inevitably, be in the detail.
It is widely expected there will be an increase in the tax-free personal income tax allowance to £10,500, though whether the Chancellor will raise the threshold for the higher rate levy as well is thought to be unlikely. The headline news was a boost for savers and pensioners.
We also already know that the government has announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election as well as an extension of the Help to Buy Scheme for aspiring homeowners and a potential rise in the minimum wage to £6.50 an hour. Cash and shares Isas will be combined into a single new Isa with annual tax-free savings limit of 315,000 from 1 July. The 10p tax rate for savers was also scrapped.
But as for the things people really care about - including booze, fags and the price of petrol – below is a (constantly updating) summary of all the little titbits from the Budget – and how they are likely to affect you. For pensioners, all tax restrictions on access to pension pots was removed meaning pensioners do not have to buy an annuity. the tax on money taken out of a pot will be lowered to 20% from 55%.
And as for energy bills, booze and cigarettes, beer duty was cut by 1p, there was a duty freeze on cider and the planned September fuel duty rise has been cancelled.
Tobacco duty, however, will rise by 2% above inflation.
But as for the announcements that might fly under the radar, below is a (constantly updating) summary of all the little titbits from the Budget – and how they are likely to affect you.