Search

Chancellor George Osborne to deliver the 2014 Budget this afternoon

06:00 19 March 2014

Chancellor of the Exchequer George Osborne

Chancellor of the Exchequer George Osborne

PA Archive/Press Association Images

Chancellor George Osborne will outline his Budget for the year later today with a number of key areas expected to be mentioned.

The economy appears to be in better shape than the previous two years, with house prices rocketing and wage growth looking to potentially outstrip inflation by Christmas.

But those hoping for a loosening on austerity are likely to be disappointed, the message from Downing Street being that it would be foolish to risk recovery with any drastic spending increases.

The Chancellor is expected to grant the Liberal Democrats their wish of raising the tax-free allowance by £500 to £10,500 - something billed by Nick Clegg as a “workers bonus”.

Beer drinkers are expected to be left alone but duty on wine and spirits is set to rise.

Smokers could also be hit with rumours circulating of 28p rises for packs of 20 cigarettes and 25gs of roll-up tobacco.

The Chancellor has already confirmed that the government’s Help to Buy scheme will be extended to 2020 for people buying new-build homes, at a cost of about £6 billion.

The stamp duty threshold could also be doubled from £125,000 to £250,000.

Some reports have suggested Mr Osborne could slash 1p off the basic rate of income tax reducing it to 19p - a move that would be worth £160 to those on average salaries of £26,500.

Of course until the budget is officially announced at 12.30pm tomorrow, everything is purely speculation.

Email your views as the day unfolds to sam.gelder@archant.co.uk

0 comments

Latest News Stories

Yesterday, 17:00
Alain de Botton. Picture: Vincent Starr

He wrote the book The Architecture of Happiness, but now celebrity philosopher Alain de Botton is making Hampstead residents unhappy with plans to build a modern three-storey hotel in the centre of the village.

Yesterday, 15:50
Pupils at Highgate School celebrate their A-level results last year. Picture: Polly Hancock

A handful of Camden, Barnet and Haringey schools are ranked among the best 100 schools in the country for 2014 A-level results.

Yesterday, 15:10
Charles Salmon QC said it was impossible for mothers with children to park on visits to the Heath.

A top barrister living on the edge of Hampstead Heath has urged Camden Council to re-think parking restrictions.

Yesterday, 13:20
Cllr Theo Blackwell.

Council tax is set to be increased in Camden for the first time in six years.

Most read news

Property Newsletter Sign-up

The latest North London property news and features straight into your inbox.

Other Emails:
Fields marked with a * are mandatory
Email Marketing by e-shot

MPs are debating if such a treatment should be allowed, but the Church of England medical ethics adviser has warned against it.

Although he was out of the country at the time for the funeral of King Abdullah in Saudi Arabia.

Everyone – from Labour politicians and the French president to Hitler and democracy itself – fell foul of Churchill’s sharp wit.

Digital Edition

Image
Read the Hampstead & Highgate Express e-edition today E-edition
Family Notices 24
Our trusted business finder