Budget 2014: The key points

George Osborne - budget

Chancellor George Osborne revealed his 2014 budget today and announced several key policies that could well see changes to how you and your family make and spend your money.

So what are they and will you be better or worse off over the next 12 months?

Here are the key points:

 

Growth: In 2014, the economy is now expected to grow by 2.7 per cent. Growth in 2015 is forecast to be 2.3 per cent and 2.6 per cent in both 2016 and 2017.

Welfare: To be set at £119 billion in 2015-16, rising to £127 billion in 2018-9

Tax avoidance: 15 per cent stamp duty on properties worth more than £500,000 bought by corporations

Gambling: Bingo duty halved to 10 per cent and a new 25 per cent tax on fixed-odds betting terminals

Alcohol: 1p off a pint of beer. Cider duty and Scottish whisky duty frozen

Fuel: Planned rise scrapped

Tax Allowance: No tax to be paid until £10,500 has been earned from next year, a £500 higher threshold than April 2014, higher rate tax threshold to rise to £41,865 – a rise of 1 per cent as expected

Savings: Limit for tax-free saving raised to £15,000 from £11,520

Pensions: 10p rate starting rate for income from saving abolished and the band extended for tax-free income from £2,800 to £5,000

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