This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-politics-31929772
The article has changed 21 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Budget 2015: George Osborne to unveil pre-election Budget | Budget 2015: George Osborne to unveil pre-election Budget |
| (about 2 hours later) | |
| George Osborne is to set out his tax and spending plans in the Budget later - his last before the election. | George Osborne is to set out his tax and spending plans in the Budget later - his last before the election. |
| The chancellor has pledged "no giveaways" or "gimmicks" in his speech, which will be delivered at 12:30 GMT. | The chancellor has pledged "no giveaways" or "gimmicks" in his speech, which will be delivered at 12:30 GMT. |
| Reports suggest the UK's finances may be boosted by a £6bn windfall as a result of low inflation and stronger economic forecasts. | Reports suggest the UK's finances may be boosted by a £6bn windfall as a result of low inflation and stronger economic forecasts. |
| Labour said the Conservatives were planning "more extreme spending cuts" after the general election. | Labour said the Conservatives were planning "more extreme spending cuts" after the general election. |
| Alongside expected pension reforms, Mr Osborne is likely to scrap the annual paper tax return, in favour of a drive towards digital records, and further increase the personal income tax allowance. | Alongside expected pension reforms, Mr Osborne is likely to scrap the annual paper tax return, in favour of a drive towards digital records, and further increase the personal income tax allowance. |
| BBC deputy political editor James Landale says Mr Osborne's task is clear. | BBC deputy political editor James Landale says Mr Osborne's task is clear. |
| "He will try to use the Budget to end the deadlock in the opinion polls and give the Conservatives the political momentum they need to win another term. | "He will try to use the Budget to end the deadlock in the opinion polls and give the Conservatives the political momentum they need to win another term. |
| "The chancellor will do that by trying to show voters the recovery is being felt by everyone across the country." | "The chancellor will do that by trying to show voters the recovery is being felt by everyone across the country." |
| Mr Osborne will get to his feet in the House of Commons immediately after Prime Minister's Questions. | Mr Osborne will get to his feet in the House of Commons immediately after Prime Minister's Questions. |
| 'Deficit priority' | 'Deficit priority' |
| It is his last chance to tempt voters before they head to the polls on 7 May, although he has promised there will be no "unaffordable giveaways", insisting that deficit reduction remains his top priority. | It is his last chance to tempt voters before they head to the polls on 7 May, although he has promised there will be no "unaffordable giveaways", insisting that deficit reduction remains his top priority. |
| His Budget statement comes against a backdrop of a strengthening economic recovery, with a rosier fiscal picture expected as a result of falling oil prices dragging down inflation. | His Budget statement comes against a backdrop of a strengthening economic recovery, with a rosier fiscal picture expected as a result of falling oil prices dragging down inflation. |
| Mr Osborne will announce the independent Office for Budgetary Responsibility's latest UK economic growth and borrowing forecasts for the coming years. | Mr Osborne will announce the independent Office for Budgetary Responsibility's latest UK economic growth and borrowing forecasts for the coming years. |
| It is expected the OBR will report an improved growth forecast and revise down its borrowing figures, meaning the chancellor could have up to £6bn extra to play with. | It is expected the OBR will report an improved growth forecast and revise down its borrowing figures, meaning the chancellor could have up to £6bn extra to play with. |
| Experts say this would provide Mr Osborne with some leeway for pre-election sweeteners. | Experts say this would provide Mr Osborne with some leeway for pre-election sweeteners. |
| Or he could decide to ease up on planned spending cuts to counter Labour claims that the Conservatives want to cut public spending to levels not seen since the 1930s. | Or he could decide to ease up on planned spending cuts to counter Labour claims that the Conservatives want to cut public spending to levels not seen since the 1930s. |
| The Budget on the BBC | The Budget on the BBC |
| 'Extreme cuts' | 'Extreme cuts' |
| Mr Osborne has already promised to further relax pension rules from April 2016 to allow up to five million existing pensioners to swap their fixed annual payments for cash. | Mr Osborne has already promised to further relax pension rules from April 2016 to allow up to five million existing pensioners to swap their fixed annual payments for cash. |
| It follows a series of pension reforms introduced by the government to change the way people fund their retirement. | It follows a series of pension reforms introduced by the government to change the way people fund their retirement. |
| Shadow chancellor Ed Balls said the reality was that working families were worse off after five years of the coalition government. | Shadow chancellor Ed Balls said the reality was that working families were worse off after five years of the coalition government. |
| And he added: "The Tories are planning more extreme spending cuts after the election, which go way beyond balancing the books and will put our NHS at risk." | And he added: "The Tories are planning more extreme spending cuts after the election, which go way beyond balancing the books and will put our NHS at risk." |
| Mr Balls cited analysis by the Institute for Fiscal Studies which he said showed that tax and benefits changes introduced since 2010 have cost families on average £1,127 a year. | Mr Balls cited analysis by the Institute for Fiscal Studies which he said showed that tax and benefits changes introduced since 2010 have cost families on average £1,127 a year. |
| He pledged that a Labour budget would put working families first and "save" the NHS. | He pledged that a Labour budget would put working families first and "save" the NHS. |
| Labour has pledged to raise the minimum wage, reintroduce a 10p tax rate for low earners and cut business rates for small firms, if it wins office in May. | Labour has pledged to raise the minimum wage, reintroduce a 10p tax rate for low earners and cut business rates for small firms, if it wins office in May. |
| "And we'll balance the books in a fair way by reversing the Tories' tax cut for millionaires," Mr Balls added. | "And we'll balance the books in a fair way by reversing the Tories' tax cut for millionaires," Mr Balls added. |
| Tax thresholds | Tax thresholds |
| Vince Cable, the Lib Dem business secretary, said it was important for the chancellor to "get the balance right", saying that the scope for tax cuts is "very, very limited". | Vince Cable, the Lib Dem business secretary, said it was important for the chancellor to "get the balance right", saying that the scope for tax cuts is "very, very limited". |
| "In fact, after the next election, taxes are almost certainly going to have to rise. | "In fact, after the next election, taxes are almost certainly going to have to rise. |
| "Obviously for people on low pay it is important we help them both through the minimum wage and lifting the tax threshold, but the scope for this is very limited." | "Obviously for people on low pay it is important we help them both through the minimum wage and lifting the tax threshold, but the scope for this is very limited." |
| Lib Dem Deputy Prime Minister Nick Clegg has said he has been pressing the chancellor for a further increase in the amount of money people can earn before paying tax. | Lib Dem Deputy Prime Minister Nick Clegg has said he has been pressing the chancellor for a further increase in the amount of money people can earn before paying tax. |
| It has risen from £6,475 to £10,600 since 2010, with both of the coalition partners promising to raise it further, to £12,500, in the next parliament. | It has risen from £6,475 to £10,600 since 2010, with both of the coalition partners promising to raise it further, to £12,500, in the next parliament. |
| The Institute for Fiscal Studies, however, has said low-paid workers would benefit more from a lift in the National Insurance threshold, which currently starts at £7,956. | The Institute for Fiscal Studies, however, has said low-paid workers would benefit more from a lift in the National Insurance threshold, which currently starts at £7,956. |
| The Lib Dems will set out their own alternative Budget on Thursday to show how they would tax, spend and borrow over the next five years. | |
| Business calls | Business calls |
| Business groups have been lobbying the chancellor over their own priorities - including a freeze or cut in passenger air duty, reductions in charges on North Sea energy firms and moves to use the tax system to encourage research and development. | Business groups have been lobbying the chancellor over their own priorities - including a freeze or cut in passenger air duty, reductions in charges on North Sea energy firms and moves to use the tax system to encourage research and development. |
| John Cridland, director general of the CBI, urged the chancellor "not to put politics ahead of economic growth and investment", emphasising the need for a "responsible" budget. | John Cridland, director general of the CBI, urged the chancellor "not to put politics ahead of economic growth and investment", emphasising the need for a "responsible" budget. |
| He said Mr Osborne should build on the economic recovery by creating a "stable investment environment for ambitious firms looking to expand". | He said Mr Osborne should build on the economic recovery by creating a "stable investment environment for ambitious firms looking to expand". |
| If there was room, he added, the chancellor should expand free childcare to help working families. | If there was room, he added, the chancellor should expand free childcare to help working families. |
| What do you hope will be announced in the Budget? You can share your views by emailing haveyoursay@bbc.co.uk. If you are available to speak to a BBC journalist, please include a contact telephone number. | What do you hope will be announced in the Budget? You can share your views by emailing haveyoursay@bbc.co.uk. If you are available to speak to a BBC journalist, please include a contact telephone number. |
| Have your say | Have your say |