Budget 2014: George Osborne presents ‘budget for savers’ as growth upgraded
A couple of good news stories for rural places – fuel duty rise cancelled and steps to make older people’s resources go further. This article captures a flavour of the budget as follows:
George Osborne pledged to champion “the makers, the doers and the savers” of Britain as he outlined the most far-reaching pension reforms since 1921 in a budget aimed firmly at the Tory heartlands.
The chancellor presented his “budget for savers” with a package of help for pensioners as he revealed that the economy is growing faster than expected.
In his penultimate budget before the general election, Osborne announced that he would ease the burden on millions of people facing retirement by removing tax restrictions on pension pots.
For savers, who have been hit by Britain’s record interest rates, there will big changes to the tax-free Isa pension scheme. The tax-free annual limit will be raised from £5,500 to £15,000 and savers will be able to move funds between cash and stocks and shares Isas.
Osborne announced that he would also help “hardworking families”, with support for energy costs for households as well as businesses