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How will Budget benefit older people?

Published on 19 March 2014 12:00 PM

The latest budget from George Osborne could be good news for older motorists and bingo players alike, experts suggest.

Chancellor George Osborne has already suggested he is not prepared to stray from the Government's austerity plan and use the Budget to fund major handouts that could hamper the UK's long-term economic recovery.

He hinted that such a move will leave scope for more generous pre-election offerings in 2015.

Freeze on petrol tax predicted

Experts predict that Mr Osborne will continue the freeze on petrol tax, while The Sun reported that duty on bingo halls will be reduced from 20% to 15%.

He has also been under pressure to avoid raising duty on wine and spirits - after ending the duty escalator on beer in 2013.

There will definitely be some nostalgia in the Budget for older people who remember the old thruppenny. These were worth 1.25 pence and went out of use in 1971 with the introduction of decimalisation.

Mr Osborne said he will replace the current pound coin with a thruppenny bit-style design to combat an increase in the amount of fakes in circulation - thought to be 45 million.

On Wednesday, he posted on Twitter along with a picture of the new design: 'Today I will deliver a Budget for a resilient economy - starting with a resilient pound coin.'

But, overall, the Budget appears likely to bring little change.

The Chancellor pledged 'a Budget for a resilient economy' as he prepared to make a pitch to ordinary working people.

Experts think he will announce a further rise in the personal allowance over the £10,000 rate promised by the coalition, among other measures to help people on lower and middle-incomes.

Potential surprise items include raising the rate at which National Insurance contributions begin getting paid, or bowing to Conservative calls for the 40% tax rate ceiling to be increased.

Some experts think that Mr Osborne will be able to announce more upgrades to growth forecasts, helped by the UK's recent stronger economic showing.

Labour said voters should anticipate 'a Tory budget that claims our economy is fixed while families are £1,600 a year worse off'.

Copyright Press Association 2014

Last updated: Oct 06 2017

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