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Budget 2014: Chancellor sets out how the government is taking further action to build a resilient economy.
The government is taking decisions that will support businesses to invest, export, and create jobs – laying the foundations for sustainable economic growth. This Budget sets out the most radical reforms to saving for a generation, providing security for families to plan for their future. And it reduces taxes for hardworking people, while taking further steps to tackle tax avoidance.
The government’s long-term economic plan has protected the economy through a period of uncertainty and provided the foundations for the recovery. The economy is now growing faster than predicted and expectations for growth this year and next have also been revised up by the Office for Budget Responsibilty (OBR) – to 2.7% in 2014 and 2.3% in 2015. A record number of people are in work and the OBR now expects employment to reach 31.4 million by 2018. A deficit that reached 11% of GDP in 2009-10 is now forecast to fallen by half to 5.5% in the coming year and will be eradicated by 2018-19.
However, as the Chancellor outlined in his speech the job is not yet done, and further difficult decisions will be needed to continue reducing the deficit and debt.
This Budget sets out further detail on how the government will:
In order to continue to reduce the deficit and debt, and secure the recovery. The government will cap the welfare budget to control spending, ensure that employers are meeting the full costs of public service pension schemes and limit public sector pay increases.
Budget 2014 announces the government will help British businesses by:
This Budget announces radical measures to help savers at all stages of their lives and to give people greater freedom over how they access their pension savings. This Budget:
The government is taking further action to help families keep more of what they earn and to save for their retirement. The government will:
The government will introduce a new and highly secure £1 coin. The proposed new coin is bi-metallic with 12 sides, and adopts new Royal Mint technology to protect against counterfeiting.
The government plans to introduce the new coin in 2017. A public consultation will be held over the summer focusing on how to manage any impacts to industry, and there will be a competition to decide the design on the reverse or ‘tails’ of the new coin.