The Chancellor confirmed that the UK was “growing faster than any other developed economy”, with the Office for Budget Responsibility forecasting GDP growth of 1.4% in 2013, 2.4% in 2014 and then 2.7% in 2018.
Overall welfare spending will be capped and Job Centre Plus will compel those on Jobseeker’s Allowance aged between 18- 21 years to train in basic English and Maths.
University places will be increased by 30,000 in 2014 and the student numbers cap will be abolished the following year. £150 million will be made available for updating and building school kitchens, while all primary school children in Reception, Year 1, and Year 2, will receive free school meals.
The Chancellor extended Business Rate relief for small firms out to 2015 and limited any future increases to 2%. Employers’ National Insurance contributions will be abolished for those employees under the age of 21, from April 2015.
Married couples and those in a civil partnership, where neither is a higher rate tax payer, will be able to transfer £1,000 of income to their partner to reduce their joint income tax by approximately £200.
Green Levies will be rolled-back, contributing to a reduction of £50 in the average consumer’s energy bill.
The planned fuel duty escalator rise for 2014 will be cancelled and the paper-based road excise duty ‘tax disc’ will be replaced with an electronic version, although the tax will still be payable.
The state pension will not be affected by any cap on the overall welfare system, as the existing ‘triple-lock’ will guarantee year-on-year rises. Next April’s rise for those on the maximum Those currently younger than 40 will have to wait longer to take their state pension, with the retirement age being raised to 68 in the 2030’s and to 69 in the 2040’s. £9bn is hoped to be raised by closing down aggressive tax avoidance schemes over the next 5 years and Capital Gains
Tax will now be payable on the sale of UK residential property belonging to non-resident owners, as from April 2015.
The bank levy will be increased to 0.156%, raising £2.7bn for the Treasury in 2014.
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