The budget - not quite live

ConfusedofYorkshire

Finally does something for savers now that I'm about use mine buying a house. Bah humbug.

vivatifosi

Nice dig re Magna Carta on Ed Milliband. Worth looking up.

BUSINESSES:

Exports have grown each year, rising export growth forecast. Start is from low base and much catching up to do. Backing businesses to sell abroad, doubling lending to £3bn to support exporters, and interest cut. Will be most competitive export funding in europe.

Tax duty on flights to change. Reform Air Pax Duty, all will pay band B irrespective of long haul location and private jets will now have to pay duty.

Support for start up flight routes from regional airports.

North Sea oil and gas: will take forward recommendations from Wood report and new allowance for ultra high pressure fields. Tax regimes to be changed if necessary.

OBR forecasts down net receipts from Scottish Oil field due to maturity (link to Scottish independence and instability made)

£500m finance to small building firms.

New building deals across the country

£150m right to build deal for self builders.

Current support for mortgage interest scheme to 2016.

Help to Buy

New homes Barking, Brent Cross, Ebsfleet (15k homes)

Prospectus on future of garden cities to be published.

Thrugelmir

13:30:
Defined contribution pensions will see big changes to the tax rules governing them. The income requirement for flexible drawdown will fall from £20,000 to £12,000; the capped drawdown limit will fall from 120% to 150%; the size of the lump sum small pot will rise five-fold to £10,000; and the total pension savings you can take as a lump sum will almost double to £30,000.

Courtesy of BBC

JasonLVC

StevieJ wrote: »

I thought that had already been sorted?

http://www.telegraph.co.uk/finance/personalfinance/savings/10534380/Child-trust-fund-savings-can-be-moved-to-Junior-Isas.html

Missed that one, cheers!

[Deleted User]

No change to stamp duty then for the working man/woman

Thrugelmir

Immediate response to pension changes.

Via Twitter Ros Altmann, pensions expert
tweets: Ppl will flock to take money out of pensions now. Will bring in lots of tax revenue too. Clever

Luke273

Saving at the moment so the ISA tax free allowance increase is certainly welcomed. Now, about those interest rates...

vivatifosi

INVESTMENT:

HS2: determined to go further north faster.

Mersey Bridge

Legislation for new tax and borrowing powers to Welsh Govt for infrastructure.

£140m additional for immediate repairs to damaged flood systems.

£200m to repair potholes. LAs to bid for.

New centers for doctoral training for graphene and cell therapy, aim to develop in Britain.

Double number of apprenticeships.

Increase grants for apprentices to small businesses. Degree level apprenticeships to follow.

Alan Turing Institute to lead way in big data and algorithm research.

JasonLVC

Milliband really hammering the "bankers" angle and going on about Tories looking after the rich.


Really divisive and negative stuff, why can't we have a budget response where the opposition say something like "some parts are good, we don't like this or that, etc" Why must it be so nasty?

Thrugelmir

JasonLVC wrote: »

Milliband is up now.
Is he going to say something about the cost of living crisis.

Lacking wind in his sails I would say. Same old rhetoric that's been said over and over again.