1. ITV Report

Budget 2016: What to expect

What will be in Mr Osborne's red box when he opens it tomorrow? Credit: PA

The country is preparing for one of the main set-pieces of British parliamentary politics as George Osborne prepares to deliver his eighth Budget since becoming Chancellor.

Mr Osborne will arguably be pinning his hopes on succeeding David Cameron as Prime Minister on this Budget, and will be fully expecting to come under heavy scrutiny when he delivers his plans from the dispatch box.

What do we know already - and what can we expect - when George Osborne reveals his 2016 Budget later today.

What we can expect:

  • More cuts
Protesters march through Manchester on a union protest against austerity in 2013. Credit: PA

The Chancellor has already warned Britain would be sticking to his "long-term economic plan".

Citing global economic uncertainty, George Osborne said Government would be redoubling its efforts to boost the UK's financial recovery.

As a result, he has to find another £4 billion in "austerity" savings if he is to meet his own self-imposed target of clearing the deficit and balancing the books by the time of the next general election in 2020.

  • £300 rise in the personal tax allowance

The amount you can earn before paying tax is expected by some analysts to rise by £300.

Currently, the allowance stands at £10,600 and the Government say it will hit £12,500 by 2020.

The point at which high earners start to pay 40p income tax is also expected to increase to £43,000.

  • Possible fuel duty and insurance premium tax rises
A rise in fuel duty may push prices at the pumps up, despite the low price of oil. Credit: PA

The Press Association warns of possible rises in fuel duty and the insurance premium tax as he juggles to get the public finances back on track.

  • £110m to help the homeless

The Evening Standard reports that £100m will be allocated for an extra 2,000 accommodation places for rough sleepers across the country.

A further £10m is anticipated over the next two years to go towards other projects aimed at people sleeping on the streets.

The also say the Treasury is expected to give £40 million to help victims of domestic abuse, which is one of the causes of women and girls sleeping on the streets.

  • A freeze on beer duty
A freeze on beer duty is rumoured to be in the Budget. Credit: PA

It is expected that the Chancellor will freeze beer duty in a bid to keep more pubs open, The Sun newspaper has claimed.

This may make pints around 10p cheaper than 2013, according to the paper.

What we know already:

  • English schools into academy plans
Mr Osborne's academy plans have been met with scorn by teaching unions Credit: ITV News

The Chancellor has announced a controversial plan to turn every school in England into an Academy by 2020.

The proposals also include an end to the "Victorian school day" and the traditional 3pm finish.

Teachers and unions have blasted the plans as "arrogant" and accused the government of "undoing 50 years of comprehensive public education at a stroke".

  • £300m investment in the North of England and London
The proposals include plans for a trans-Pennine tunnel. Credit: ITV News

George Osborne has given the green light to major rail, housing and infrastructure developments in the north of England and London in his Budget on Wednesday.

  • Watch the Chancellor's speech and get analysis from our team of experts from 12.30 on and ITV.

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