Budget 2014: At a glance - the key announcements


George Osborne said his Budget would boost “makers, doers and savers”. But it was far broader than that...


* Personal tax allowance to be raised to £10,500 next year; £800 average savings

* Higher rate threshold for 40p income tax to rise from £41,450 to £41,865 next month and then by further 1 per cent to £42,285 next year

* Transferable tax allowance for married couples to rise to £1,050


* 15 per cent stamp duty on homes worth more than £500,000 bought through companies

* Scrapping inheritance tax for members of the emergency services who "give their lives protecting us"

* Inheritance tax waived for emergency services personnel who "give their lives protecting us"

* VAT waived on fuel for air ambulances and inshore rescue boats

* Fuel duty rise planned for September cancelled

* Stamp duty on homes worth more £500,000 to rise to 15 per cent for those bought by companies, as part of tax avoidance measures

Read more: The Independent's Budget coverage in full


* All tax restrictions on pensioners' access to pension pots removed and tax on cash removed on retirement cut from 55 per cent to 20 per cent

* Reform of taxation of defined contribution pensions to help 13 million people from March 27

* :Abolition of 10p starting rate of tax on income from savings


* GDP growth forecast to be 2.7 per cent this year, then 2.3 per cent, 2.6 per cent, 2.6 per cent and 2.5 per cent in following years - making UK economy £16 billion bigger than predicted.

* Deficit revised down to 6.6 per cent this year, and forecast to fall in following years before going into surplus of 0.2 per cent in 2018/19

* Borrowing expected to be £108 billion this year - £12 billion less than forecast

* Debt revised down to 74.5 per cent of GDP this year; then predicted to peak at 78.7 per cent in 2015/16 and fall to 74.2 per cent by 2018


* OBR forecasts 1.5 million more jobs over the next five years and earnings to grow faster than inflation

* Welfare cap set at £119 billion for 2015/16, rising to £127 billion by 2018/19, only state pension and cyclical unemployment benefits excluded


* £7 billion package to cut energy bills includes £18 per ton cap on carbon price support, saving medium-sized manufacturers £50,000 and families £15 a year

* Compensation scheme for energy intensive industries extended four years to 2019/20; £1 billion to protect manufacturers from cost of green levies


* Tobacco duty to rise by 2 per cent above inflation

* Alcohol duty escalator scrapped

* Duty on spirits and ordinary cider frozen. Beer duty cut by 1p a pint

* Duty on fixed-odds betting terminals increased to 25 per cent

* Bingo duty halved to 10 per cent.

* 20 per cent tax relief for theatre productions



* £270 million guarantee approved for the Mersey Gateway bridge.

* Support to build 200,000 homes.

* Additional £140 million made available for repairs and maintenance to flood defences


* Business rate discounts and enhanced capital allowances in enterprise zones extended for three more years

* Research and development tax credit for loss-making small businesses raised from 11 per cent to 14.5 per cent

* Annual investment allowance doubled to £500,000 and extended to the end of 2015


* A scheme to boost exports - doubling the amount of finance available to £3bn

* An extra £140m for repairs and maintenance to flood defences and £200m for potholes

* Scrapping VAT on air ambulance services and inshore rescue boats

* A five-year cap on structural welfare spending from 2015, starting at £119bn and rising in line with inflation. It excludes pensions and Job Seekers Allowance

* Reform of air passenger duty so all long haul flights carry the same tax rate as currently charged for flights to USA.

* A new "garden city" at Ebbsfleet in addition to plans for 200,000 new homes

peopleFrankie Boyle responds to referendum result in characteristically offensive style
Life and Style
Couples have been having sex less in 2014, according to a new survey
New Articles
i100... with this review
Have you tried new the Independent Digital Edition apps?
ebooksAn unforgettable anthology of contemporary reportage
Holly's review of Peterborough's Pizza Express quickly went viral on social media
footballTim Sherwood: This might be th match to wake up Manchester City
Arts and Entertainment
musicHow female vocalists are now writing their own hits
New Articles
Arts and Entertainment
musicBiographer Hunter Davies has collected nearly a hundred original manuscripts
Blahnik says: 'I think I understand the English more than they do themselves'
Arts and Entertainment
Michelle Dockery as Lady Mary Crawley in Downton Abbey
TVInside Downton Abbey series 5
Life and Style
The term 'normcore' was given the oxygen of publicity by New York magazine during the autumn/winter shows in Paris in February
fashionWhen is a trend a non-trend? When it's Normcore, since you ask
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Marketing Manager - Leicestershire - £35,000

£30000 - £35000 per annum: Ashdown Group: Marketing Manager (CIM, B2B, MS Offi...

Marketing Executive (B2B and B2C) - Rugby, Warwickshire

£22000 - £25000 per annum: Ashdown Group: A highly successful organisation wit...

SEN Coordinator + Teacher (SENCO)

£1 per day: Randstad Education Leeds: Job Purpose To work closely with the he...

Research Manager - Quantitative/Qualitative

£32000 - £42000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...

Day In a Page

Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam