Budget 2014: Summary of all the highlights


Click to follow
The Independent Online

Budget Day began with the announcement of a new, 'edgier' £1 coin.

But for families, pensioners and businesses across the country, the devil of George Osborne's changes today was, inevitably, in the detail.

The headline news was a boost for savers and pensioners.

Cash and shares Isas will be combined into a single new Isa with annual tax-free savings limit of 315,000 from 1 July. The 10p tax rate for savers was also scrapped.

For pensioners, all tax restrictions on access to pension pots was removed meaning pensioners do not have to buy an annuity. The tax on money taken out of a pot will be lowered to 20% from 55%.

And as for energy bills, booze and cigarettes, beer duty was cut by 1p, there was a duty freeze on cider and the planned September fuel duty rise has been cancelled.

Tobacco duty, however, will rise by 2% above inflation.

But as for the announcements that might fly under the radar, below is a summary of all the little titbits from the Budget – and how they are likely to affect you.