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Budget 2014: Key points

24.03.14

Last week, Chancellor George Osborne announced his fifth Budget to the House of Commons.

Shadow Chancellor Ed Balls argued that the average worker is £1,600 worse-off under the coalition government. Meanwhile, Labour leader Ed Miliband said that the government run 'an economy of the privileged, by the privileged, for the privileged'.

Here are some of the key points from last week's Budget:

• Personal allowance to rise by £500 to £10,500
• 40p tax threshold to rise by £415 to £41,865 from April and will rise again by 1% next year
• ISAs will now have a tax-free limit of £15,000
• From 2015, pensioners will no longer have to buy an annuity and will be able to withdraw as much of their pensions as they like
• Help to Buy scheme extended to 2020
• 10p rate for savers removed
• 1p cut in beer duty
• Whiskey duty frozen
• Bingo duty slashed in half to 10%
• Tobacco duty to remain at 2% above inflation
• Foreign aid will be 0.7% of country's income
• New £1 coin to be introduced in 2017

Many believe the Budget was aimed at securing the votes of the elder generations ahead of the General Election in May 2015.

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