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 Romford News Stories

Havering school students receiving their GCSE results. Sanders School students jumping for joy

With minds racing and nerves building, students across the borough returned to their schools yesterday (Thursday) in trepidation.

13:00
An artist inmpression of what the Premier Inn hotel in Market Place, Romford, could have looked like Credit:NewRiver Retail

Plans for a new hotel in Romford town centre have been refused at a council meeting last night because of the proposed building’s visual impact on the conservation area.

A branch of John Lewis in London, as the boss of department store warned that the plunge in sterling could become a problem for the chain. Picture: Dominic Lipinksi

A campaign has been launched to replace BHS in The Liberty with a branch of John Lewis

13:53
A 93-year-old is re-united with the very crash-tender vehicle he drove at RAF Hornchurch.

A unique ‘living museum’ booth is coming to the one of the borough’s parks giving people the chance to share their memories of the area.

13:03
The Havering Show on Sunday

The Havering Show takes place this weekend and to ensure you are fully prepared for it, we’ve got a three-page guide in today’s Recorder featuring stage times and travel info.

10:37
Team GB squad group as they arrive at Heathrow Terminal 5. (PA/Steve Parsons)

As Britain continues to bask in the glory of finishing second place in the Rio Olympics medal table we’ve created of a list of sports clubs in Havering for those that want to emulate this summer’s sporting heroics.

10:09
There is a 18 per cent pay gap between men and women's wages, which increases by 12 years after the birth of a first child. Picture Chris Radburn/PA Wire

Research showing women earn 18 per cent less than men on average has been called a “stark inequality” by a Havering organisation.

09:59
Theo Tuitt, 4, meets a spider at the Star Bright nursery open day

Would you be afraid of holding a spider or petting a snake?

Newsletter Sign Up

Most read news

HOT JOBS

Show Job Lists

News from your area

WW100

Click on the banner above for full coverage of the centenary commemorations of the outbreak of the First World War.

Competitions

You could win £15,000 to spend on either their mortgage or a deposit towards the home of their dreams

Wouldn’t it be lovely to have a period of time when you simply don’t have to worry about finding the money each month to pay your mortgage? When you don’t have to put money aside from your monthly income, or worry about having to afford other essential outgoings?

Which book character do you share cleaning habits with?

Whether you have more in common with put-upon Cinderella, emotionally turbulent Jane Eyre, or easily distracted Mole, you’re sure to appreciate that one lucky winner will receive four sessions of free cleaning. Enter our quiz for your chance to win. All runners up will get £10 off their first clean when making a repeat booking.

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