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Budget 2014

Member briefing

A briefing on the 2014 Budget, covering key measures including changes to financial choices at retirement, simplification of ISAs and changes to income tax thresholds.

The Chancellor's central Budget theme was maintaining the progress being made towards the creation of a more resilient economy. This requires a more balanced economy, achieved through a long-term move away from consumer-led recovery to one driven by exports and manufacturing.

The Budget address focused on a series of announcements to promote saving: principally the simplification of ISAs, introduction of a pensioner bond, reform proposals for defined contributions pensions and the abolishing of the 10p rate for savers. 

The Budget red book provides a clear summary of the Government's long-term economic plan for "a stronger, more competitive economy, a fairer society, and secures a better future for Britain" by: 

  • reducing the deficit to deal with the UK's debts, safeguard the UK economy for the long term and keep mortgage rates low;
  • cutting income taxes and freezing fuel duty to help hardworking people be more financially secure;
  • creating more jobs by backing small business and enterprise with better infrastructure and lower job taxes;
  • capping welfare and controlling immigration so the UK economy delivers for people who want to work hard and play by the rules; and
  • delivering the best schools, skills and apprenticeships for young people so the next generation can succeed in the global race".
  • improving the income of people at retirement.

"In order to safeguard the economy for the long term, the government is continuing to take decisive action through: monetary activism and credit easing, deficit reduction, reform of the financial system, and a comprehensive package of structural reforms".

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For more information on the Chancellor's pensions reforms:

See our Policy Briefing that goes into more detail on the proposals and their implications. 

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