Budget 2013 Announced

The specifics of the 2013 Budget were announced yesterday. Chancellor George Osborne said that the main changes of the budget will cover the financial direction of the country.

Government made many attempts to reach to the average consumer. Some of them are the

3p rise in fuel duty in September and beer duty cut by 1p.

No matter wine, cider, spirits and cigarettes were brooked no quarter, with the duty their prices continued rising.

About £6,000 a year will be the sum that people will save from 2015 due to the tax relief available on childcare payments.

In 2014, a year earlier than expected, the point at which income tax becomes payable will increase to £10,000.

The £144 per week flat-rate pension which was planned to take place in 2017 will also come into play a year earlier. Another feature of the Budget is the £72,000 cap on the maximum amount payable by elderly people for their care costs.

The Help to Buy Scheme will help people purchase their own homes offering government-backed interest-free loans and reduced cost mortgages.

Unfortunately these caveats are nothing more than a backdrop to continued cuts.

The limited rise of 1% for the Public sector will stay unchanged until 2015-2016 and the government department budgets will be reduced by 1% for each of the next two years.

About £10bn was the sum which was expected to be saved from the government but the latest data show that it will increase to £11.5bn.

The private sector will be stable. The attempts to coax skittish business into the UK will bring a drop of the corporation tax by 1% to 20%

Many employers will be allowed to claim an Employment Allowance of £2,000 a year in order to cover some of the costs of their National Insurance payments.

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