LIVE: Budget 2014: George Osborne's speech - analysis, summary and reactions - Live coverage - The Independent

LIVE: Budget 2014: George Osborne's speech - analysis, summary and reactions

    • New pound coin to be introduced in 2017  to tackle counterfeits, but vending machines, trolleys, meters affected.
    • George Osborne says UK deficit remains 'one of the highest in the world'
    • 1.5m more jobs over next five years and earnings to grow faster than inflation
    • Inheritance tax waived for emergency services personnel who 'give their lives protecting us'
    • Extra £140m for repairs and maintenance to flood defences. Extra £200m for potholes
    • Tobacco duty up 2% above inflation. Fuel duty rise planned for September halted. Cider duty frozen. Beer duty cut 1p a pint. Taxes on whisky and other spirits frozen. Bingo duty halved.
    • Personal tax allowance to be raised to £10,500 next year. Threshold for 40p tax up from £41,450 to £41,865 next month and to £42,285 next year.
    • Cash and shares Isas merged from 1 July with new tax-free savings limit of £15,000.
    • All tax restrictions on pensioners' access to pension pots removed. Reform of taxation of defined contribution pensions to help 13 million people from 27 March. Tax on cash taken out of pension pot on retirement to be reduced from 55% to 20%

    3/19/2014 11:42:37 AM
  • George Osborne holding the Budget box outside No. 11 Downing Street ahead of his Commons statemen (Photo by Oli Scarff/Getty Images)

    3/19/2014 11:29:25 AM
  • Meanwhile, the Bank of England's Monetary Policy Committee has warned the recovery still has "some way to go''The MPC voted unanimously to keep rates at 0.5%  with all nine members also agreeing to hold QE at £375 bn in March.
    3/19/2014 11:32:53 AM
  • Well, that didn't take long. 
    3/19/2014 11:40:21 AM
  • No gourmet burger for Osborne this year: 

    3/19/2014 11:51:54 AM
  • George Osborne holds the Budget box in Downing Street ahead of his 2014 Budget statement (Photo by Peter Macdiarmid/Getty Images)

    3/19/2014 11:52:20 AM
  • Labour’s Rachel Reeves says there are still 912,000 young people out of work and long-term youth unemployment has doubled under David Cameron. 
    She said:  “The Government should use today’s Budget to introduce Labour’s Compulsory Jobs Guarantee to get young people and the long-term unemployed off benefits and back to work.”
    3/19/2014 11:55:45 AM
  • At least he tried...
    3/19/2014 11:58:27 AM
  • Cameron is answering MPs questions on the Crimean referendum. Budget 2014 due to start at 12:30. Stay on this page
    3/19/2014 12:06:13 PM
  • 3/19/2014 12:13:59 PM
  • The Chancellor in Downing Street ahead of his Budget speech (Photo by Oli Scarff/Getty Images)

    3/19/2014 12:15:05 PM
  • George Osborne and Chief Secretary to the Treasury Danny Alexander prepare to lead members of the Treasury team out of 11 Downing Street to face the media before the annual Budget statement (Photo by Stefan Rousseau - WPA Pool /Getty Images)

    3/19/2014 12:55:06 PM
  • Chancellor to increase HMRC budget to crack down on tax avoidance
    3/19/2014 12:55:55 PM

  • 3/19/2014 12:56:28 PM
  • "Income inequality is at its lowest level for 28 years." #Budget That's since 1986, as the great Thatcher inequality had gathered pace.

  • 3/19/2014 12:59:45 PM
  • Chancellor confirms Libor fines will continue to military charities, support search and rescue and lifeboats and provide £10 million to scouts, guides, cadets and St John's Ambulance
    3/19/2014 1:00:39 PM
  • Osborne: Inheritance tax waived for emergency services personnel, VAT waived on fuel for air ambulances and inshore rescue boats
    3/19/2014 1:01:21 PM
  • 3/19/2014 1:01:47 PM
  • Osborne: "We are backing our exports, support Made in Britain"
    3/19/2014 1:02:15 PM
  • Osborne: Government to fund Survivors For Peace charity set up by IRA victim Tim Parry's parents
    3/19/2014 1:02:46 PM
  • 3/19/2014 1:04:43 PM

  • 3/19/2014 1:06:06 PM
  • Osborne: Lending for exporters doubled to £3 billion and interest rates on that lending cut by one third
    3/19/2014 1:06:41 PM
  • Chancellor says Government will take forward all recommendations of Wood Report into North Sea oil and gas and review the sector's tax regime.
    3/19/2014 1:07:17 PM
  • Osborne: Tax on homes owned through companies to be extended from homes worth more than £2 million to those worth more than £500,000

    3/19/2014 1:09:53 PM
  • Osborne: Housing policies announced today will support more than 200,000 new homes

    3/19/2014 1:11:23 PM
  • Osborne: Business rate discounts and enhanced capital allowances in enterprise zones to be extended for further three years. Collection of class 2 national insurance contributions to be moved to self-assessment, removing red-tape for 5 million Britons.
    3/19/2014 1:12:37 PM
  • Osborne on SMEs: Research and development tax credit for loss-making small businesses raised from 11% to 14.5%
    3/19/2014 1:13:17 PM
  • Osborne: Annual investment allowance doubled to £500,000 and extended to the end of 2015
    3/19/2014 1:14:20 PM
  • 3/19/2014 1:15:40 PM

  • 3/19/2014 1:18:05 PM
  • Osborne confirms fuel duty rise planned for September has been scrapped
    3/19/2014 1:18:36 PM
  • Osborne confirms personal tax allowance will be raised to £10,500
    3/19/2014 1:20:29 PM

  • 3/19/2014 1:20:48 PM
  • Cheers? Alcohol duty escalator scrapped, duty on ordinary cider frozen and beer duty cut by 1p a pint
    3/19/2014 1:21:39 PM
  • 3/19/2014 1:23:03 PM
  • Osborne: Transferable tax allowance for married couples to rise to £1,050
    3/19/2014 1:24:00 PM
  • Osborne introduces new pensioner bond from January. 

    3/19/2014 1:25:42 PM
  • Osborne tells MPs: "Pensioners will have complete freedom to draw down as much or as little of their pension pot as they want, when they want”
    3/19/2014 1:27:02 PM
  • Osborne says 10p tax rate for savers will be abolished
    3/19/2014 1:28:12 PM
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