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By Rob George Thursday 20 March 2014 Updated: 20/03 23:26
BROMSGROVE MP Sajid Javid, who is also the Economic Secretary to the Treasury, welcomed Wednesday’s budget, saying it helped those who deserved it.
Savers with tax free ISAs and pensioners were the big winners as Chancellor George Osborne unveiled his plan for ‘makers, savers and doers’.
Mr Javid said: “I’m delighted to have contributed to a budget that helps hard-working people, savers, pensioners, parents and businesses.
“This is a responsible budget that will help strengthen the economic recovery.
“Although the job is far from done, we’re putting Britain back on the right track after 13 years of mismanagement under Labour.”
On Wednesday, the Chancellor said cash shares and ISAs were to be merged into single new ISA with an annual tax-free savings limit of £15,000 from July 1, up from the current £11,520 threshold.
The amount of money people earn before they pay income tax will also go up by £500 to £10,500 next year.
September’s proposed increase in tax on petrol has again been postponed while taxes on bingo halls will drop from 20 per cent to 10 per cent.
Proposed increases in the cost of Scotch whisky and on cider have also been frozen while 1p has again been taken off the cost of a pint of beer, in a repeat of Mr Osborne’s 2013 announcement.
The cost of a bottle of wine will increase by six pence rather than the planned 11 pence increase while smokers were again hit in the pocket.
Cigarettes will increase by 23 pence per packet from April and Mr Osborne said the current measure of tax for tobacco would remain throughout the next Parliament.
The £1 coin will also be replaced by 2017 by a new 12-sided coin to combat fraud with Mr Osborne telling the House of Commons one in 30 of the coins is now counterfeit.The Government said it would hold a detailed consultation on the impact of the change on businesses, which may face costs from having to change vending machines, supermarket trolleys and lockers at gyms and leisure centres.
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