Chancellor George Osborne’s final Budget before the General Election was a calculated attempt to capture the “silver vote”, it was claimed today.
Matthew Hindle, tax partner at Preston-based accountants and business advisors WNJ, said: “There is no doubt that this Budget is pro-saver, and an attempt by the Chancellor to appeal to older voters as the General Election campaign gathers momentum.
There is no doubt that this Budget is pro-saver, and an attempt by the Chancellor to appeal to older voters as the General Election campaign gathers momentum.Matthew Hindle
“The measures on tax free savings and pensions are all aimed at winning the so-called silver vote.
“The theme of trusting people to manage their own cash ran through the speech.”
North West Regional Pensioners official Derek Barton said he was concerned that people gaining access to their pension pots might run out of money in later life.
He said some pensioners on benefits might also lose their entitlement if they cash in their pension cash.
He said: “I am concerned that some people might blow the lot and there will be nothing left for them in later life or for their children.”
Tony Medcalf, tax partner at Moore and Smalley, said: “The hospitality industry and the farming industry were two winners in the budget. “Tax on beer has been cut by a further 1p, along with cuts to duty on cider, wine and spirits. This is the third year running beer duty has been lowered which will benefit the hospitality and leisure sector.
“Farmers will be allowed to average incomes for tax purposes over five years, potentially reducing the tax paid.”
Steve Errington, chief executive of Story Homes, responded to the chancellor’s announcement that for every £200 saved as a deposit on a first-time home, the government will top it up with £50 more in a ‘help-to-buy’ ISA.
He said: “Story Homes welcomes the Chancellor’s proposal to introduce a ‘help-to-buy’ ISA.
“By contributing to first-time buyer’s savings in this way, would-be homeowners will be able to move into their own home much sooner. This is good news for homeowners and house builders, it will boost confidence in the sector .”