It’s that time of year again!
Hasn’t it come around quick? It feels like just yesterday we were writing about last year’s Budget. Yep, it’s that time of year again! Tomorrow, Chancellor George Osborne will reveal to the nation the Government’s financial plans for the year ahead.
We have seen improvements to the economy since last year, which is all good news. So it’s now up to the Chancellor to continue the good work. So what are we expecting to see this year? We’ve put together some of the most popular predictions and expectations for you below…
• Supporting businesses has already been stated as a key factor for the Budget 2014, with the Chancellor saying last month, “I want to deliver a budget that supports a Britain that invests and that exports.” There is a lot of speculation surrounding what the Chancellor will do with business rates and how he will tackle this hot topic.
• The allowance for personal income tax is expected to be increased, from £9,440 to £10,500 from the start of the 2014 tax year.
• Income tax is expected to be reduced by 1p.
• Working couples are expected to get a tax break of up to £1,200 towards the cost of childcare.
• Pressure has been building surrounding the price of rising energy bills, so it is expected that more help will be given to help the public out.
• There have been calls for grants to be given to smaller firms so that they are able to hire apprentices to improve the amount of skilled labour in the UK.
• The Help to Buy Scheme is expected to be extended so that the Treasury will underwrite the cost of mortgages until 2020. In addition, a new garden city is to be built in Ebbsfleet in Kent.