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


Latest News Stories

Yesterday, 15:00
The Roy Orbison and the Traveling Wilburys tribute band on stage entertaining fans. Picture: Jayne Connor

A tribute band is bringing to the stage a supergroup that the world never got to see play live.

Yesterday, 12:00
Jean Rayner

To celebrate Older People’s Day, reporters Hayley Anderson and Ellena Cruse discovered spoke to inspirational older people from around the borough.

Jean Rayner:

When people approach their 80th birthday, they may be tempted to put their feet up but this certainly wasn’t the case for one swimming enthusiast.

Jean Rayner, of Heaton Avenue, Harold Hill, decided to swim 64 lengths of the pool at Central Park Leisure Centre earlier this year in aid of the Recorder’s Fundraise on the First Campaign.

She said: “I feel very fit so I thought as I was going to be turning 80-years-old, I should do something to celebrate that.”

Jean managed to raise more than £1,600.

Saturday, October 3, 2015
American jazz singer Kai Hoffman, who is coming to Queen's Theatre, in Billet Lane, Hornchurch.

International jazz sensation Kai Hoffman is bringing the fabulous ’50s back to Hornchurch for one night only.

Saturday, October 3, 2015
Goodmayes Resident Association members and guests enjoying lunch. Picture Keith Stanbury

A round up of news from the borough’s clubs and societies.

Most read news

News from your area


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


You won't need to fork out for groceries for a while!

Asda, one of the country’s leading supermarkets, prides itself in being one of the cheapest places to shop, so you can be sure that your money will go a long way here!

Shop till you drop!

Here’s your chance to treat yourself to a new wardrobe and a whole lot more with this MyOffers competition to win an incredible £2,500 to spend at Primark on whatever you like!

Digital Edition

Read the Romford Recorder e-edition today E-edition
Family Notices 24

Local business directory

Our trusted business finder