The Chancellor promised that his Budget would help to grow the economy, rejecting calls by Conservative colleagues to cut taxes
But he rejected calls by Conservative colleagues to cut taxes,– and stood accused of offering giveaways only to the richest by removing the cap on tax-free pension savings.
An extra 3.2 million people will pay income tax who would be exempt if the thresholds rose in line with inflation, while 2.1 million people will be dragged into the 40p higher rate and another 350,000 will pay the top 45p rate. In the Budget, he hailed the OBR’s assessment that an improved economic outlook means the UK is likely to escape recession this year, although growth will remain near zero as house prices fall and living standards are squeezed for a second year running.
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