George Osborne broke with tradition and instead of using his pre election budget to make a whole load of promises for the future he spent it telling us what he’d achieved in the past.
On the tax front there were small increases in the various thresholds for personal tax, VAT, ISAs & capital gains tax.
A new zero rate on savings income was announced which could be worth up to £200 per person although this won’t be introduced for another year – a trick he’s learnt from Gordon Brown.
There were a few anti – avoidance measures announced, the one that will get the most press attention is the introduction of the “google tax”, on large multinationals.
A new help to buy ISA was introduced although the levels of this are much lower than regular ISA’s.
One of the items we didn’t see was an announcement on what the Annual Investment Allowance threshold will be once the current limit ends in December. Apparently there will be an election this year and a budget following it, and he’s saving this for then.
As we tweeted this was probably the most boring pre election budget a sentiment echoed by the shadow chancellor Ed Balls. So there you have it a boring budget and were talking Balls.
Would you like to download our mobile app from the App Store?Download