October 21 2014 Latest news:

Pension reform, help for savers and bingo halls - what today’s Budget means for you

Chancellor of the Exchequer George Osborne holds up his red Ministerial Box outside 11 Downing Street before heading to the House of Commons to deliver his annual Budget statement. Photo: Lewis Whyld / PA Wire Chancellor of the Exchequer George Osborne holds up his red Ministerial Box outside 11 Downing Street before heading to the House of Commons to deliver his annual Budget statement. Photo: Lewis Whyld / PA Wire

Wednesday, March 19, 2014
5:01 PM

Chancellor George Osborne delivered his budget in just under one hour at the House of Commons this lunchtime, promising to help savers, reduce deficit and continue economic growth.

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“If you are a maker, a doer or a saver - this budget is for you,” he said - met by loud cheers.

Major reforms to the pension system were announced, with people no longer needing to buy an annuity and being “trusted to look after their own pensions”.

The chancellor announced the lump sum people can withdraw from their pensions is rising from £18,000 to £30,000 and a new requirement for pension providers to make sure that everyone retiring with a defined contribution pension pot receives free and impartial face-to-face advice on the choices available to them.

Savers benefit from the stocks and shares and cash ISAs being merged and the total annual allowance going up to £15,000.

These are called the New ISAs - or NISAs - and will be reformed on July 1 this year.

The cap on investments in Premium Bonds will also be lifted - from £30,000 to £40,000 and then to £50,000 next year.

There was good news for the bingo industry - thanks to lobbying from Waveney MP Peter Aldous, who was name checked in the Budget speech, with the rate of bingo duty reducing to 10pc from June 30.

The duty rate on beer will reduce by 2pc on general beer and 6pc on low-strength beer, with rates for tobacco going up by 2pc.

But there were warnings that austerity had to continue in order to improve the economy - and the chancellor announced “restraints” would continue in the public sector.

He said difficult decisions would be made on public sector pay and pensions and there would be a cap on welfare bills.

“We will fix the roof when the sun is shining,” Mr Osborne said.

“There will be cuts in the next Parliament too.”

See tomorrow’s paper for in depth coverage of the 2014 Budget.

22 comments

  • The most memorable things today. The Magna Carta joke which summed Milibandup to a t. And Miliband`s lamentable car crash performance. PM in waiting. I don`t think so.

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    BG

    Wednesday, March 19, 2014

  • I wonder how much tax we would be paying under Labour and how much fuel would be? I will give you a clue it would be a lot higher than it is now

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    Sweet cheeks

    Wednesday, March 19, 2014

  • Sweet cheeks, we are in this latest mess because non-socialist Gordon Brown lacked the guts to let the banks drown in the financial cesspit they created and spent billions on rescue packages. Most shop stewards are unpaid and represent colleagues when their rights at work are affected by laws brought in by the people you probably vote for. Full time officials I accept are mostly overpaid and undeserving of their rewards but I doubt if Labour will ever pay their wages and buy their cars. All parties waste money on silly ideas and claim expenses they don't deserve. It's why many of us never vote. And finally, please learn the difference between "of" and "have".

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    Lincs Canary

    Thursday, March 20, 2014

  • Hello sharky. Did you take a wrong turn and can't find your way back to the sport section? That's what I did. While I'm here what's that rich git looking so smug about? None of my business I suppose. I am one of the 35% or so that don't vote. Having said that the Tories only got 36% of the vote out of the 65% who bothered. Labour and the Lib lapdogs did even worse. So if the non voters got together and found a leader they would be running the country.

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    Lincs Canary

    Wednesday, March 19, 2014

  • Well that should buy at least a handful of votes, but to make doubly sure the Tories are using their friends in the media to spread smear stories for all they're worth, so watch out Matt Smith, the EDP will be reporting you are a member of P.I.E next.

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    B Ungatory

    Wednesday, March 19, 2014

  • Please remember this government will have borrowed more in 5 years than the last Labour government did in 13.The national debt is set to rise to £1.5 trillion under Osborne who has failed to wipe out the deficit as he said he would.The budget was simply a Vote Osborne operation,targetted at Tory members in preparation for the Tory leadership contest in 2015.

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    Peter Watson

    Wednesday, March 19, 2014

  • At least this Budget helps the people who do bother to vote. Many who may well have been thinking of voting UKIP. surely someone else must have spotted this.

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    jennifer jane

    Wednesday, March 19, 2014

  • In depth analysis there sharky - perhaps you should apply for the job of chancellor.

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    Tudor Bushe

    Wednesday, March 19, 2014

  • Poor Milliband, if only he was some gushing, smug, sneering old Etonian con-man, he too could have an adoring following of swivel-eyed toadies all swooning in unison.

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    B Ungatory

    Wednesday, March 19, 2014

  • Best speech ever made by a Chancellor by a country mile.A true statesman Millaband next PM I don't think so darlings.

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    PaulH

    Wednesday, March 19, 2014

  • Watched some of the Budget on TV and the thing that struck me most was certainly nothing to do with the budget. I couldn't help wondering what sort of future our children and grandchildren have with this bunch of argumentative, childish politicians in charge of their futures. They torment and joke like schoolboys overdosed on fizzy sweets. When will they stop treating our economy and our lives as one big joke?

    Report this comment

    Sandy.L

    Wednesday, March 19, 2014

  • Ed Miliband brilliantly described the budget as "by the privileged,for the privileged".Precisely.Those targetted for tax relief were rich pensioners,who have shouldered none of the burden of austerity and happen to be the electorate in the election for the next Tory leader.Osborne is staking his claim in the leadership race to decide who will replace Cameron in 2015.

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    Peter Watson

    Wednesday, March 19, 2014

  • What does it mean. In a word NOTHING.

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    sharky

    Wednesday, March 19, 2014

  • Osborne praises the people who have, as he puts it, 'done the right thing' by managing to amass substantial savings. He rewards them, but does nothing for those with only modest savings, or those who simply haven't had the wherewithal to build up a reserve of savings. No praise for those struggling families for 'doing the right thing'. The minimum wage is increased by a mere 0.33% - way behind inflation, and what low earning families gain by a lowering of the income tax threshold, they may well lose through a cut in in-work benefit payments. Osborne has not 'done the right thing' by them.

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    angela

    Thursday, March 20, 2014

  • Peter Watson you are just like Ed Miliband you talk a lot of rubbish and you obviously have no idea what's so ever. It was Labour who broke us in the first place and it will take years to recover, well done.

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    Sweet cheeks

    Wednesday, March 19, 2014

  • Well said Peter Watson. Sweet Cheeks - it's a bit rich to try and blame the last Labour Government for the global financial crisis. Talk about rewriting history! LOL

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    Premier League Budgie

    Thursday, March 20, 2014

  • I see we have the usual leftie whingers who sneer and just hate to see people get on by their own endeavours. For years, people who have worked damned hard all their lives and put away a bit for a rainy day have seen the value of their savings and investments go down year on year due to the abysmally low interest rates. Low interest rates which have allowed many people to get a mortgage, which they otherwise would not have been able to afford. Angela is wrong in saying the tax threshold has been lowered it, has in actual fact been raised so that more people than ever are paying significantly less in tax which can only be a good thing. She epitomises the very problem caused by Labour of too much dependency on benefits to boost wages. This government is doing the right thing and making people take responsibility for their own lives and they are to be applauded for that. For once in a long time this budget as not followed the lamentable lead of Gordon Brown who created one benefit after another which has locked people into a life too dependant on the state.

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    BG

    Thursday, March 20, 2014

  • Within 24 hrs the tories have an ad out telling us they are letting hard working people do the things they enjoy by cutting tax on beer and bingo. "Ey up lads, I'm tetherin me whippett, off to draw out my pension pot, waitin for pub to open and then staggerin down t' bingo hall t' blow what's left." Lib lap dogs yelp embarrassed approval, Labout too right wing to make a difference. Don't vote! Us nonners were 35% strong last time. We need to reach 50% to leave this hypocritical expenses fiddling rabble in charge of a broken system.

    Report this comment

    Lincs Canary

    Thursday, March 20, 2014

  • Hello BG, Thank you for your correction. Of course I meant "raised", as is evident by the context of my post. Call me a leftie by all means - I'll take that as a compliment. But don't call me a whinger. Contrary to your post, I don't "hate people who get by on their own endeavours, I admire them. I don't hate anybody. I don't hate people who get by through their own good fortune. I don't even hate people who get by on the back of other people's endeavours. I just don't think its the right thing to do. Which brings me to your remark about "too much dependency on benefits to boost wages." If social security benefits are needed to give a full-time worker enough to live on, then it follows that hisher employer isn't paying enough. The so called benefit you speak of is a 'help' to the employer who pays low wages. Just imagine the outcome if it wasn't there. I recognise that you and I are poles apart politically, but I've no intention of calling you names. Maybe we could just argue about the points.

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    angela

    Thursday, March 20, 2014

  • Watson you are talking rubbish yet again, just ask yourself why are we in this mess in the first place? So what would Labour of done a part from waste money and give it away on silly ideas, would you of given all shop stewards a pay rise or a company car???

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    Sweet cheeks

    Thursday, March 20, 2014

  • Lack lustre criticism of the budget by Labour is because they broadly agree with most of it. Having no answer to it they are now going with their latest misleading one liner " People will be poorer at the end of this parliament, than they were at the start." At least we are all paying far less in tax now than we were at the start.

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    BG

    Wednesday, March 19, 2014

  • disolushund - I didn't watch it on T.V. but heard as much as I could bear on BBC R4. As for the Magna Carta joke (sic), R4 P.M. said, and I quote verbatim, "Cameron chortled and slapped his thigh" - I quite agree, when can we have adults in parliament again - and these superannuated schoolboys are the ones that are threatening Putin with sanctions, what a sad joke. BG you do make a couple of good points but it's a shame they are expressed with such vitriol - sad.

    Report this comment

    Thoreauwasright

    Thursday, March 20, 2014

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