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The Twitter community reacts to the Budget 2014

POSTED: 20th March 2014
IN: General
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With expectations running high ahead of the Budget this week, how did the Chancellor of the Exchequer's Budget live up to the hopes of British homebuyers, savers and SMEs?

 

 

 

"This is a Budget for the makers, doers and savers," Osborne announced in Wednesday's Budget, introducing a range of measures designed to support each group. Primarily, the business community welcomed news of additional support for firms looking to overseas trade to grow their business, with the Chancellor doubling the amount of export finance available and cutting lending rates.

The current skills gap was another key area for action, with Osborne outlining plans to help businesses take on 100,000 new apprentices. This is of particular consequence for UK manufacturers, who also saw further encouragement from the Budget in the form of a £6 billion package to reduce energy costs, with Osborne reflecting: "We need our businesses to build more, export more, and manufacture more."

Going on to address the issues faced by today's homebuyers, Osborne conceded: "Housebuilding is up 23 per cent, but that's not enough." In reaction, the Chancellor announced the introduction of a £500 million fund for small house building firms.

This initiative forms one part of an overall plan to add 200,000 new homes to the UK housing market, boosting supply to enable more first time buyers to join the property ladder.

Finally, Osborne turned his attentions to savers, conceding: "There is a large group of people who have had a particularly tough time in recent years, and that is savers."

This crucial group is set to benefit from a new set of regulations regarding ISAs, which will now be subject to a tax-free allowance of £15,000 and allow individuals to combine cash savings and stocks and shares ISAs into one merged account.

SMEs, savers and homebuyers, we're interested to hear your reactions to Wednesday's Budget. Share your thoughts with Aldermore on Twitter.

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