Budget 2015 - Main Points: At-A-Glance

George Osborne has delivered his sixth Budget as chancellor and made announcement the state of the country’s economy.

11:54 19 March 2015

Here’s key points of Budget 2015 delivered by chancellor George Osborne:  

 

•The economy grew 2.6per cent in 2014, lower than 3per cent predicted in December

•It is forecasted that the economy will grow by 2.5per cent this year and an average of 2.3per cent for the succeeding years up to 2020. 

•Jobless rate is expected to fall to 5.3per cent this year while trade deficit figures are “the best for 15 years.”

•Inflation is expected to fall to 0.2per cent this year

•Additional £30bn savings needed in next Parliament

 

On borrowing, deficit, and spending: 

 

•Pensioners will be able to trade their annuities for cash pots, with the 55per cent tax charge abolished. 

•Widows of police officers and firefighters will have their existing pension protected even if they decide to remarry. 

•Tobacco and gambling taxes to unchanged

•Petrol duty frozen – September’s planned increase cancelled

 

Personal Taxation

 

•Married couples will be allowed transferrable tax allowance of £1,100

•Class two national insurance contributions for self-employed will be abolished

•First £1,000 interest on savings will be tax-free for basic rate taxpayers

•Annual savings limit for ISAs will be increased to £15,240

 

Business

 

•Annual bank levy to increase to 0.21per cent

•Multinational firms moving profits “artificially offshore” will be subjected to “diverted profit tax”

•Mental health services to get £1.25bn in extra funding