Live updates

National

Pensions reform at a glance

George Osborne announced several changes to pensions including options to allow some pensioners to avoid taking out an annuity.

  • Reform of taxation of defined contribution pensions to help 13 million people from 27th March.
  • New Pensioner Bond paying market leading rates to be available from January to all over 65s, with possible rates of 2.8% for one-year bond and 4% for three-year bond.
  • Tax on cash taken out of pension pot on retirement to be reduced from 55% to 20%.
  • All tax restrictions on pensioners' access to their pension pots to be removed, ending the requirement to buy an annuity.
  • £20 million fund to develop new free right to advice for those retiring on defined contribution pensions.
  • Abolition of 10p starting rate of tax on income from savings.

Read more: Osborne promises Budget for 'makers, doers and savers'

National

Osborne announces Alan Turing Institute

by - Political Correspondent

George Osborne says a new institute, named after mathematician Alan Turing, will make sure the UK 'leads the way again in the use of big data and algorithm research'.

1tukdepm_normal

Alan Turing Institute to be established to work with big data. No big money mentioned for it. #Budget2014

1daf0796a0e4928a9030470ef3f12276_normal

He announces the Alan Turing Institute, named after brilliant mathmetician who helped us win WW2, but was persecuted for his sexuality.

Advertisement

National

'Massive' announcement on pension annuities

by - Economics Editor
Head_and_shoulders_compressed_normal

Osborne now reacting to complaints about annuities pensioners have to buy: no need to buy one anymore. This is massive.

Twitterpic2_normal

New pensioner bond offering 2.8% for 1 year bond and 4% for 3 year bond. Again for Tory-voting pensioners

1daf0796a0e4928a9030470ef3f12276_normal

Multiple changes to people's pensions, basically giving them more flexibiity. 'No one will have to buy an annuity.'

National

'Savers being wooed' by ISA changes

by - Economics Editor
Head_and_shoulders_compressed_normal

Big changes on ISAs - a popular saving product to be simplified - can swap cash and stocks and limits raised. Savers being wooed.

1daf0796a0e4928a9030470ef3f12276_normal

Big changes to ISAs. Merges the cash and stock ISAs. Makes them more flexible and increases annual limit to 15k.

Twitterpic2_normal

For "supporting savers" read "supporting those who are most likely to vote Conservative"

National

Growth figures from George Osborne's Budget

by - Deputy Political Editor

The Chancellor has predicted growth will be higher in 2014 than predicted. At the last Budget - the 2014 growth was forecast to be 1.8%.

Now he says GDP will grow by 2.7% The forecast is also higher in 2015 at 2.3%.

It is the same in 2016 at 2.6% And slightly lower in 2017 and 2018

Watch live: George Osborne announces 2014 Budget

Advertisement

National

Investment allowance boost for businesses

The Annual Investment Allowance for businesses has been doubled to £500,000, George Osborne has announced.

Mark Evans, Tax Partner at independent chartered accountants Baker Tilly, says: "This is great news for businesses and means any spending up to that amount on capital plant or machinery can receive tax relief of 100%.

"Obviously George Osborne has been persuaded to change his mind as it was pre-announced that this allowance would fall from £250,000 to £25,000."

The Chancellor now says 99.8% of businesses will get the benefit of this measure.

National

Bingo duty cut to 10% and beer down by 1p a pint

The duty on Bingo will be reduced.
The duty on Bingo will be reduced. Credit: Dave Thompson/PA Wire

The Chancellor has confirmed that the duty on Bingo will be reduced to 10%

Tobacco duty will rise by 2% above inflation, and the escalator already in place, will be extended for the rest of the next Parliament.

The alcohol duty escalator will be scrapped. Duties on Scottish whiskey and cider will be frozen.

Beer duty will be cut by 1p, for the second year running.

Load more updates