Belfast Telegraph

Wednesday 23 July 2014

Budget to be delivered on March 20

Chancellor of the Exchequer George Osborne plans to deliver his next Budget on March 20

The next Budget will be on Wednesday March 20, the Chancellor told MPs in the Commons.

George Osborne will lay out the Government's tax and spending plans for the 2013/14 financial year.

Speaking at Treasury Questions in the Commons, Mr Osborne said: "Budget 2013 will be on Wednesday March 20."

Budget 2013 will be the next opportunity for Mr Osborne to lay out forecasts for growth and spending plans following last week's Autumn Statement.

Tory MP Geoffrey Clifton-Brown urged the Chancellor to use the Budget to further increase the personal tax allowance towards the Government's target of £10,000.

In last week's Autumn Statement, Mr Osborne said he planned to increase the personal tax allowance by a £235 to £9,440.

Announcing the date, the Chancellor said: "I'm very proud to be part of a coalition Government of Conservatives and Liberal Democrats that have delivered this policy and are delivering it and a very substantial increase next year will mean individuals are £229 better off in real terms as a result just of the increase in April. That is to be welcomed.

"As to when we get to £10,000 - I've just announced the Budget date and we will have to wait for tax decisions for that Budget but even if the allowance were to increase with our current CPI forecast from the Office for Budget Responsibility, it would hit £10,000 in 2015."

Last week's Autumn Statement confirmed that stalling growth meant painful cuts and tax rises would continue until at least 2018.

Most working-age benefits are being cut in real terms for three years, while the better-off will be hit by reductions in higher-rate pension reliefs and a below-inflation rise in the 40p tax threshold. Sweeteners included scrapping a planned 3p-a-litre rise in fuel duty, a 1% cut in corporation tax, and changes to allowances which will take earnings below £9,440 out of income tax altogether.