With the 2015 general election approaching at what seems to be a gathering speed, yesterday was the date of the last budget of the current parliament. The budget, presented to the House of Commons today by chancellor George Osborne, seems to paint a positive picture of the country’s economy now and in the future. Among the facts given were that unemployment has fallen to a record low, with borrowing set to fall and the national deficit halved since 2010. In the mix along with the more mundane concerns of a budget are some more obscure, including a three-fold increase to the church roof repair fund, increased powers given to the Mayor of London and a commitment by the government to deliver super-fast broadband to every home in Britain. There have also been a number of changes to taxes and duties, including a freeze on fuel duties, abolished national insurance contributions for under-21’s, a rise in the tax-free allowance and a rise in the minimum wage for all age groups.
It is not, however, all sweetness and light in the nation’s economy. The nation’s pension pot limit stands to be cut from £1.25m to £1m, and additional savings must be made in the next parliament to secure the continued rise from the economic downturn. However, with the general election on its way in May, it remains to be seen where Britain’s fiscal future lies.