The Budget

[Desmo]

# Chancellor George Osborne is delivering his first Budget
# VAT to rise from 17.5% to 20% from 4 January next year
# Income tax allowance to rise by £1,000
# No rise in alcohol, tobacco or fuel duties
# Child benefits frozen for three years; medical examination for new disabilities living allowance claimants
# Link between basic state pension and earnings to be restored
# Capital gains tax for higher rate tax payers to rise to 28%
# Two-year pay freeze for public sector workers earning more than £21,000
# Levy imposed on banks