Search

Chancellor George Osborne to deliver the 2014 Budget this afternoon

PUBLISHED: 06:00 19 March 2014 | UPDATED: 09:51 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

Comments have been disabled on this article.

Latest Romford News Stories

A mum-of-two has launched an online campaign to promote the borough and its family-friendly activities.

If you’re wondering what the weather has in store for us this weekend why not watch our three-minute Met Office update on whether we’re getting rain or sunshine?

Yesterday, 12:20

A charming musical about life, love – and tradition – in a Russian Jewish community wowed on its opening night.

Yesterday, 10:39

England 400-plus years ago was not keen on free speech, as Prof Ged Martin explains

Yesterday, 09:40

An entrepreneur who secured an exclusive top prize at last year’s Thames Gateway Business Awards has spoken of the “amazing” effect it has had on his charity.

Yesterday, 07:00

Hundreds of families are without a permanent home in Havering, the highest figure for a decade and a sign of a burgeoning housing crisis. In the first of a special series of reports, EMMA YOULE meets those struggling to find a place to live and asks why?

Thu, 17:30

The Liberty shopping centre has revealed that JD Sports will be partly taking over where BHS used to be.

Thu, 15:38

Havering Council took a bold step forward to reassure members of the community worried that wind turbines will one day be installed beauty spots.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists

News from your area

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Digital Edition

cover

Enjoy the
Romford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now