'Hotchpotch' Budget attacked

The Chancellor's Budget calculations have been questioned by the respected independent economic analysts, the Institute for Fiscal Studies.

It criticised the "hotchpotch" of reforms that it warned may fail to raise as much income as predicted.

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Balls: IFS confirms pensioners will lose out

Labour's shadow Chancellor Ed Balls has reacted to the IFS Budget briefing:

The IFS has confirmed that George Osborne’s tax raid on pensioners will see nearly four and a half million pensioners losing £83 next year. And people turning 65 next year will lose up to £323 with little forewarning...It’s now even clearer that this was a Budget that asked millions to pay more so millionaires could pay less.

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Budget measures will have 'massive effect' on pensioners

The Budget has increased the pressure on pensioners income, with the freeze in their allowance and the new 7% stamp duty for buyers of £2 million homes, according to Key Retirement Solutions.

Retired people needing to sell their home to raise money won’t have to pay the new stamp duty rate but could end up paying the price if sales fall through or are delayed.

We are seeing an increasing number of customers with £1 million and £2 million houses using equity release to free up cash and would expect this could increase.

The Budget has held out the prospect of a flat rate £140 State Pension which is welcome when it comes but the freeze on personal allowances will have a massive effect on pensioners next year and beyond.”

– Dean Mirfin, Group Director at Key Retirement Solutions

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