Richard said, “This Budget is great news for the many savers in the constituency who have suffered as a result of the recession, many of whom have worked and saved hard all their lives.”
He continued, “Growth forecast at 2.7%, meaning that the economy will be £16 billion larger than forecast four months ago, highlights that under this Government, the economy is in safe hands and is heading in the right direction.”
He added, “It seems to have been overlooked somewhat, but I am delighted that the Chancellor has frozen petrol duty, which is a major concern of our rural communities.”
Key announcements from today’s Budget are outlined below.
HELP FOR SAVERS:
ISAs will be made simpler by merging cash and stocks ISAs into a single new ISA. The annual ISA limit will increase to £15,000, whilst a new pensioner bond will start in January 2015, offering better returns than any equivalent in the market today. In addition the amount constituents can invest in Premium Bonds will rise, first to £40,000 on 1 June 2014 and then to £50,000 in 2015/16.
The Personal Allowance will rise to £10,500 in 2015/16. A tax cut for 25.4 million people. By April 2015, a typical basic rate taxpayer will pay £800 less income tax a year. This Conservative-led Government will have lifted 3.2 million people out of income tax altogether.
There will be a five-fold increase in the size of a single pension pot that can be taken as a lump sum to £10,000 with an increase in the number of pots under £10,000 that can be taken as a lump sum from two to three. The chancellor additionally announced that he will double the size of total pension savings that can be taken as a lump sum to £30,000.
What is more, all tax restrictions on pensioners’ access to their pension pots are to be removed, ending the requirement to buy an annuity.
A number of less high profile benefits for West Berkshire include; £200 million to help Councils fill potholes; extra flood defence spending of £140 million and help for regional theatres. A cut in beer duty will also be a boost for local pubs.