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What does the pre-election budget mean to you?

With just seven weeks to go before the general election, Chancellor George Osborne has unveiled his Budget.

 

During his speech, he declared Britain could finally “walk tall again” after years of austerity.

“Five years ago, millions of people could not find work.

Today, I can report: more people have jobs in Britain than ever before.

Five years ago, living standards were set back years by the Great Recession.

Today, the latest projections show that living standards will be higher than when we came to office.”

There was hope for first-time buyers as he announced the Government will contribute up to £3,000, in a bid to help more people get onto the property ladder.

This autumn, when potential home owners aged over 16 save into a Help to Buy ISA, the Government will pay £50 for every £200 saved if contents are used as deposit.

It means, a first-time buyer can save £12,000 in a tax-free account and will end up with a total of £15,000.

Mr Osborne also delivered an effective tax cut to 27 million voters and took 3.7 million out of income tax altogether.

Workers can now earn up to £11,000 before paying tax.

The 40p higher rate of tax, will only come into effect on those earning over £43,300.

These changes will happen over the next two years and could mean the typical working taxpayer would gain £900 a year from the increase.

Married couples will see a rise in the additional tax-free allowance to £1,100 from April.

Osborne abolished tax on the vast majority of savings accounts with a new £1,000 tax-free allowance.

For motorists, fuel duty has been frozen for another year, with the planned increase in September cancelled.

Beer duty is being cut by 1p a pint for the third year running.

More than £1.25 billion will be spent on mental health services for children and new mothers.

Mr Osborne said the bulk of the money will go towards improving access to mental health services for youngsters, which will see more than 110,000 more children cared for over the next five years.

Young people often develop mental health problems as a consequence of maternal mental illness, and so £75 million will be spent on improving care for women who experience mental ill health during the perinatal or antenatal period.

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