2014 Budget Key Numbers and Highlights
March 21, 2014
On 19 March 2014, George Osborne, Chancellor of the Exchequer, delivered his Budget to Parliament which reviewed UK economic performance, forecasted future UK economic viability and detailed several changes to taxation.
Speaking to the House of Commons, Osborne summarised the budget’s main objectives as creating economic stability and sound public finances, fostering business growth through investment and new job creation, helping savers at all stages of their lives and supporting families and communities through various financial initiatives.
Osborne proposed the following budget components to benefit businesses and individuals:
For Businesses – Doubling the Annual Investment Allowance for businesses to £500,000 from April 2014 until December 2015; increasing UK Export Finance’s lending scheme to £3 billion and reducing lending rates by onethird to encourage UK exports in emerging markets; and helping reduce business energy costs by providing new support worth up to £6 billion.
For Individuals – Allocating £140 million to repair flood defences and £200 million for potholes; extending the Help to Buy equity loan scheme until 2020 to help an estimated 120,000 UK families buy a newly built home; knocking another penny off the price of a pint; halving bingo duty to 10 per cent; offering working parents a £2,000 tax break on childcare costs; increasing the tax-free personal allowance to £10,500; and battling counterfeiting by introducing a more secure £1 coin in 2017.
The key numbers and highlights listed here are just a brief overview. For more detail, read the Chancellor’s full 2014 budget located at www.gov.uk/government/publications/budget-2014-documents.