19th March 2015
The Shadow Chancellor Ed Balls has admitted there was nothing in Wednesday’s Budget that the Labour would reverse if the party was victorious in May’s general election.
Speaking to the BBC, Balls, who labelled the said he welcomed the plan to axe tax on the first £1,000 of interest from savings, and the measures introduced to help first time buyers.
In his Budget the Chancellor George Osborne cautioned against a return to Labour “chaos” and declared that Britain was “walking tall again” and “growing faster” than any major advanced economy in the world.
In his final Budget before the election Osborne also announced the launch of a Help to Buy ISA for would be homeowners where he government would top up every £200 saved with £50 while the personal tax allowance would rise from £10,600 to £11,000 by 2016-7.
He also cut beer duty by 1p and spirit duties by 2% while he also extended the new pension freedoms to allow retirees to cash in their annuities. He also cut the lifetime savings limit on pensions to £1m from £1.25m.