15:07 20 March 2013
PUBLISHED 15:30 20 March 2013 UPDATED 20 MARCH
UK Chancellor George Osborne outlined the Budget for the coming year on Wednesday, 20th March. With the budget being laid out, there are now plans to encourage growth in the UK economy. Some of the key areas that Mr. Osborne addressed were:
• ‘Help to Buy’ scheme: prospective homebuyers will be able to receive 20per cent from the government with regards to deposits if they provide the first 5per cent
• Personal Allowance increase: the amount of money people can make without being taxed (prior to income tax) will be raised to £10,000 from next year
• Alcohol: the beer duty escalator plan was dismissed
• Childcare: a new system of vouchers will take affect from 2015
• Fuel Duty: plans to increase fuel duty have again been suspended
• Pensions: Those people entering retirement at the basic pension age from April 2016 to 2017 will have the new single-tier state pension
Prior to the Chancellor’s announcement, there were calls from certain Tory MPs asking for tax cuts. However, other individuals hoped for the focus to be placed on aspects such as housing.
There had been much attention paid to the £2.5billion Whitehall cuts, as it was understood the extra 2per cent cuts could help to increase capital spending over the coming years.
Mr. Osborne previously said on Twitter that the budget aimed to help “those who want to work hard & get on”.
Today’s announcement comes months ahead of the Spending Review, expected to be reported in June this year.
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