There will be no giveaways in the 2015 Budget, George Osborne has said. The Budget will be aimed at those who have worked hard all their lives, the chancellor said. But with no giveaways on the menu, what can we expect?
Osborne told the BBC there would be “no giveaways, no gimmicks”. “Everything we do in this Budget,” he said, “has to be paid for.”
The main points expected to appear in Wednesday’s announcement are:
Securing the grey vote
Pensioners will be allowed to sell off annuities for a cash sum, effective from 2016.
Income tax threshold
The threshold at which workers start to pay tax will be increased to £11,000. Most people currently start paying tax at £10,000.
Building a northern powerhouse
Leeds and other northern areas will be granted new powers in an attempt to invigorate growth in the north.
The dangling carrot
There are also expected to be promises of more tax cuts to come – including changes to inheritance tax – if the blue team wins.
Addressing the housing shortage
Osborne is expected to announce plans to encourage more housebuilding and lower mortgage fees.
Tax has to be taxing
Appeasing voter sentiment, there will also be a promise to crack down on tax avoidance, evasion, and complicity with the two.