The budget taking place on 18th March will be crucial for the upcoming elections in May. Chancellor George Osborne has pledged that there will be no gimmicks in this year's budget. Osborne proposed that the budget before the elections would be for “national recovery.” “This Budget is all about securing a truly national recovery from building a Northern powerhouse, connecting up other regions of our country, committing to long-term plans that support science and high-speed transport... so no giveaways, no gimmicks a Budget for the long term."
It is said that George Osborne is expected to extend pension charges from April 2016 in order to grant existing pensioners to exchange their annuity for a fixed lump sum.
Osborne has mentioned that it was about “trusting those people who have worked hard and saved all their lives”. He further added that it was condescending to adduce that people may spend their money on expensive items, such as sports cars and then come back to ask for more when they have run out of money.
On Wednesday, George Osborne is expected to promulgate:
- Aid for technology clusters around the UK.
- Investment in the chemical sector in north-east England in the form of funding the Centre for Process Innovation.
- Plans to establish ultra-fast broadband around the UK.
- The establishment of two new "enterprise zones" in Plymouth and Blackpool.
- 45,000 new homes to be built on brownfield sites.
