Who are the winners and losers of the Budget?

George Osborne ahead of today's Budget. Photo: Press Assocation

Steven Bruck, a partner at Blick Rothenberg Chartered Accountants, takes a look at the winners and losers of this year's Budget.

Home ownership

Perhaps the biggest story for the average person will be encouragement of home ownership.

The Chancellor announced plans to provide a 20 percent deposit - as an interest-free loan - for new-build properties and a package of Government guarantees for mortgages generally.

We must hope this is as good as it sounds. Certainly, countless people looking to get onto the property ladder will hope so.

Pensioners

Prospective pensioners may benefit from the greater certainty of a fixed-rate pension, though presumably there will be winners and losers, depending on what they would have received under present arrangements.

Those on low incomes

The increase in the tax-free personal allowance to £10,000 by April 2014 will be welcome relief for those on low pay who will proportionately benefit the most from this.

Consumers

If you enjoy a pint of beer, then you will save 1p per pint and planned increases in duty will not take place. Having said this, if you worry about increasing levels of alcoholism, you may ask how this all squares up?

As for petrol or diesel, I suspect prices will just continue to rise, but at least the Government -sponsored hike in September will not now take place.

Businesses

The Budget includes quite a lot of detail to incentivise research, development and enterprise. The reduction in corporation tax to 20 percent will be very welcome. Also, smaller businesses in particular will very much welcome the new £2,000 allowance per employee, which will be free of employer's National Insurance. Hopefully this will improve employment prospects.

Everyone

There was quite a lot of technical detail on the Bank of England's inflation targets, which remains at two percent. In practice this probably just reflects the reality that inflation will continue above this level for some time to come. The Chancellor also warned of the potential impact of developments in Europe, which increasingly endanger the UK's fragile recovery.