Budget 2016: What to expect

THE days of the contents of the Chancellor's Budget speech being a secret until it was delivered are long gone. Here's what we know is coming and things to look out for.
Income tax changes could be part of today's BudgetIncome tax changes could be part of today's Budget
Income tax changes could be part of today's Budget

What we know:

Transport: £300 million to accelerate improvements to the M62 and develop plans for a trans-Pennine high speed rail network, known as HS3, and

Benefits: Personal Independence Payments for the disabled are to be cut in a move that will save £1.2bn between now and 2020.

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Fuel duty: Having repeatedly trumpeted his freeze on fuel duty, the Chancellor is likely to allow the duty to rise this year to help fill the hole in his spending plans.

Income tax: George Osborne is expected to set out progress to meet the Conservative election pledge to raise the basic rate threshold to £12,500 and the higher rate to £50,000 by 2020.

Spending: The Institute of Fiscal Studies has suggested Mr Osborne might announce cuts to happen in future years in the hope that an economic upturn will mean he can cancel them later.

Savings: A new Help to Save scheme will reward those on low incomes who chose to put money aside with a taxpayer-funded bonus.

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Wages: There will be rises in the minimum wage rates for those aged up to 24. Older groups will be paid the new national living wage from April.

What to look out for:

Flooding: Yorkshire councils have been asking for £50 million to help repair the damage to roads, bridges and other infrastructure from the Boxing Day floods. Mr Osborne could use the Budget to respond.

Devolution: Will the Chancellor confront the hitches in his plans for devolution deals and elected mayors around the country, including Yorkshire, or reward those areas which have already signed up with new powers and money?

Help for charities: Armed forces charities have been among the organisations benefitting from previous Budget announcement on how LIBOR fines will be spent.

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A joke at Labour’s expense: In 2014, it was money to celebrate the anniversary of Magna Carta which became a useful device to mock then Labour leader Ed Miliband. “King John’s humbling, centuries ago seems unimaginably distant. A weak leader who had risen to the top after betraying his brother compelled by a gang of unruly barons to sign on the dotted line.”

In 2015, money was provided to mark the Battle of Agincourt, a battle between a strong leader and “an ill-judged alliance between the champion of a united Europe and a renegade force of Scottish nationalists”.

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