Mortgage News
Osborne set to deliver Budget in support of ‘resilient economy’
The Chancellor is to set out his plans to bolster and support a “resilient UK economy” later today, with the aim of boosting economic security at the heart of his Budget speech.
According to the BBC, sources from the Treasury said the government’s economic game plan was working but the “job was far from done”.
Expected announcements include a further increase to the tax-free allowance, already set to rise to £10,000 in April.
It is also reported duty on bingo could be cut from 20% to 15%, extra money for flood defences will be announced and a measure which would see banks that reject business loan applications forced to refer clients to alternative lenders, the report said.
Osborne is also expected to give details on a planned five-year cap on structural welfare spending from next year.
The Treasury told the BBC that despite economic recovery the country was still borrowing too much.
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“We have to invest more and export more, and support growth in every region of our country and all parts of our economy,” they said.