Budget 2014 – England.
The economic backdrop to Chancellor George Osborne’s fifth Budget statement was decidedly more positive than it was when he moved into Number 11 in 2010.
The economy grew by 1.8 per cent in 2013, three times more than the Office for Budget Responsibility predicted at the Budget in March 2013. The OBR has now upgraded its growth forecast for 2014 to 2.7 per cent and to 2.3 per cent for 2015.
Employment grew by 105,000 in the quarter to January 2014, driven by a surge in self-employment, and the unemployment rate is down to 7.2 per cent.
But it isn’t all good news. Inflation fell to 1.9 per cent in January this year but average pay grew by 1.4 per cent in the three months to January.
Also, the value of exported goods fell by 1.1 per cent in the three months to January 2014, hardly the sign of an export-led recovery. In February, the Chancellor himself admitted to business leaders in Hong Kong that “Britain is not exporting enough.”
George Osborne also told his audience in Hong Kong that the UK’s economic recovery was not yet secure or balanced. He said that his 2014 Budget would be “… a budget where we must confront our problems and deal with some hard truths.”
He also echoed this sentiment in his Budget speech, saying that he had “… never shied away from telling the British people about the difficult decisions we face.”
The following report summarises the announcements made by Chancellor George Osborne during the 2014 Budget on Wednesday 19 March 2014.
Business announcements
A summary of business measures from the Chancellor’s 2014 Budget announcement, delivered to the House of Commons on Wednesday 19 March 2014.
Personal announcements
An overview of personal finance measures from the Chancellor George Osborne’s fifth Budget, which took place on Wednesday 20 March 2014.
Pensions, savings and investments
The Chancellor’s Budget 2014 measures on pensions, savings and investments.
Capital taxes
Announcements on inheritance tax and capital gains tax from the Budget 2014.
Value added tax
Budget 2014 measures affecting VAT.
Duties
Budget 2014 announcements affecting tobacco, alcohol, bingo, machine games and air passenger duties.
Other announcements
A round-up of some headline announcements from the Chancellor’s 2014 Budget statement, his penultimate Budget before the 2015 General Election.