Budget Day 2015 On Wessex FM

george osborne

Published at 12:02am 18th March 2015. (Updated at 7:35am 19th March 2015)

Chancellor George Osborne has delivered his last budget before the General Election. Find out here how you will be affected.

Chancellor George Osborne has delivered his last budget before the General Election.

He started off by talking about "walking tall again" with "no unfunded spending and no "short term giveaways."

He said his goal is to make Britain the most prosperous nation in the world.

KEY FACTS SO FAR

1p off of a pint of beer.

2p off of cider and spirits.

No change to duty on tobacco.

Fuel duty will be frozen, and the planned increase won't now happen. The Chancellor says this will save a family around £10 every time they fill up their car.

UK tax free personal allowance to rise to £10,800 in 2016 and £11,000 the year after.

1,000 new jobs have been created every day.

Living standards are higher in 2015 than 2010.

Ordinary families will be £900 better off according to the Chancellor.

Inflation forecast to become 0.2% this year.

The Government are planning to sell off some of its share holdings in banks. This will be used to pay down the national debt.

The country's debt compared to its income will start reducing for the first time in 13 years.

The country will keep borrowing until 2019-20.

There will be new laws to clamp on tax avoidance by multi-nationals. There will also be a review into inheritance tax, and how people use deeds of variation.

Top 1% of taxpayers will have to pay 27% of total income tax in 2015, up from 25% in 2010.

£25M to go to helping veterans.

£7bn worth of investment in transport in the South West, with the promise of new high speed rail services and a new rail franchise for the South West.

 

Richard Bugler, Partner at Albert Goodman Chartered Accountants joined us in the studio to give his reaction to George Osborne's national budget.

 

DCCI chief executive Ian Girling welcomed measures to support business in the Budget but said the George Osborne could have gone further.

He said: “Broadly speaking, the Chancellor has pulled off a tough balancing act with a strong focus on fiscal responsibility.

“Lower business taxes, the cancellation of the fuel duty increase in September, greater investment in technology and measures to put more of the new £1 coin in the pockets of the public will be welcomed in Dorset.

“It would have been encouraging to see more of an indication of an extension to enhanced business investment allowances rather than having to wait until the Autumn Statement and there was little explicit mention of support for exporters.

 “The devil will be in the detail and we will wait to see how the Budget impacts locally in Dorset.

“This particularly true of one of the new housing zones proposed for Poole, which help contribute to 11,000 new homes in the region.

“Overall, however, the Chancellor has avoided any excessive pre-election gimmicks which would have undermined long term business growth and prosperity.”

The moves came as the Office for Budget Responsibility  upgraded its forecasts for growth for 2015 from 2.4% to 2.5% and from 2.2% to 2.3% for 2016 – while inflation is set to fall further to 0.25 this year.