Budget 2015: Who were the winners and losers?

 
Jessica Morris
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Beer drinkers were winners (Source: Getty)

Winners

  1. Pubs and drinkers
    The Budget will be a boon for the country's pubs, bars and restaurants, as well the drinkers who frequent them. Beer duty was cut buy one penny per pint while duty on both cider and whisky received a two per cent cut. Meanwhile, the tax on wine and tobacco will also be frozen.
  2. North Sea oil and gas
    There's light at the end of the tunnel for the struggling North Sea oil and gas industry. George Osborne unveiled an extra £1.3bn of support to help increase investment and reduce the number of job cuts. Global oil prices tumbling since June last year mean it's been a particularly tricky for the oil industry.
  3. Sweeteners for savers:
    The chancellor unveiled a new personal savings allowance which will be introduced in April next year, letting people save £1,000 tax-free. And from later this year savers will be able to move money in and out of Isas without interfering with their tax-free contribution limit.
  4. First-time buyers:
    Good news for anyone who wants to get on the property ladder. For every £200 an individual squirrels away, the government will put in an extra £50, up to a maximum of £3,000. So, if you save £12,000 in a Help-to-Buy Isa, the government will eventually boost your total savings to £15,000.

Losers

  1. The City:
    Banks will be unimpressed by the government's decision to increase the bank levy by 0.21 per cent, in an effort to raise £900m. The measures were being taken so banks "make a bigger contribution to the repair of our public finances", George Osborne said during his speech.
  2. Multinational companies:
    It was bad news for some of the world's largest companies. Osborne today announced the widely-anticipated "Google tax" as part of a swathe of measures aimed at cracking down on "tax avoidance and evasion". The so-called "diverted profits tax" will be introduced next month.
  3. Students:
    There was no news on loans worth up to £10,000 for taught master's courses due to commence in 2016. These were designed to help thousands of students priced out of graduate study after the tuition fee hike. However, Osborne did announce research loans of up to £25,000 for PHD and master's research students.
  4. The NHS:
    Labour leader Ed Miliband pointed out that there wasn't a single mention of the National Health Service in Osborne's 59-minute speech. He said the country was “worse off and the NHS is worse off on his watch - and that is why working families cannot afford another five years of him".

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