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The Budget Statement 2014 – What to expect?


As Chancellor George Osborne is preparing to make his budget statement at 12:30pm today, we have taken a look at some of the key points the chancellor might announce.

Economic growth to be upgraded

The Chancellor has been given a very different challenge to the one he’s faced in recent years, as the economy has started to recover, property prices are increasing, and inflation has fell below the Bank of England’s target rate of 2%.

However, despite the growing optimism over the long-term growth of our economy, the Chancellor’s challenge is no easy one, and it’s unlikely he’ll bring an abrupt end to austerity and end the so called cost of living crisis.

Increase on personal allowance

Whilst it remains unlikely that Osborne will decrease the amount of people in the 40p income tax bracket, it’s widely expected that the amount you will need to earn to pay income tax will increase from the current level of £9,440.

This will mean that less people will have to pay any tax on their income at all, meaning it is a move that will help those on a lower income, rather than the higher earners.

Extra help on child care costs?

It has already been announced that the Chancellor will provide a subsidy of up to £2000 per child to as many as 1.9 million working families.
The scheme, which will affect parents with children up to the age of 12 is expected to come into effect as of September next year.

Changes to property tax

As house prices are rapidly increasing, the average home is now worth £250,000, meaning millions of people would have to pay the higher rate of 3% on a house that would have required just 1% stamp duty a few years ago.

This has placed a huge pressure on the government to reform the system, but it remains yet to be seen if and how the Chancellor has chosen to tackle the issue.

Want to follow the budget?

Follow our blog 'The Budget – As it Happens' from 12:30pm for up to date news on the budget. Alternatively, you can follow us on Twitter @financialuk


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