Today’s the day. George Osborne will deliver the 2016 Budget amid fears of £4 billion in extra spending cuts, fuel duty rises, and an increase in insurance premium tax.
Wednesday’s Spectator Money Blog is devoted to what to expect from the Chancellor, from a rowback on an overhaul of the pensions system to help for those on low incomes. In other financial news this morning, it has been revealed that hundreds of thousands of savers are being dragged into tax chaos because the taxman is struggling to cope with Osborne’s savings revolution.
From April 6, savers will no longer have tax deducted before they are paid interest by a bank or building society. This is part of the Chancellor’s move to give savers a new £1,000 tax-free allowance (£500 for higher-rate taxpayers). But a report in the Daily Mail suggests that HM Revenue & Customs taxman is making huge errors in calculating how much interest savers are earning.
The Telegraph reports that BT Openreach is missing 1,000 appointments a week.
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