UK Budget 2014: Highlights | White & Case LLP International Law Firm, Global Law Practice
UK Budget 2014: Highlights

UK Budget 2014: Highlights

Chancellor of the Exchequer, George Osborne's fifth Budget on 19 March 2014 was an "I have done it" speech in many ways. In contrast to his previous four Budget speeches where the Chancellor treaded cautiously, warning the UK electorate that recovery was bound to be slow and painful, this speech had a markedly more confident tone – "Britain's economy is recovering and recovering more rapidly than anyone imagined". However, in case anyone thought that this Chancellor's job was done, there was a not so subtle hint to UK voters that there is still a lot of work to be done.

This Budget is largely uneventful insofar as corporate taxation is concerned except for certain anti-avoidance measures. However, there are some significant personal taxation reforms focused on doers, savers and pensioners (including, curiously, tax cuts for Bingo players and alcohol consumers!) which will no doubt grab the headlines in the popular media.

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