Portrait of the week | 19 March 2015

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In a Budget intended to have ‘no gimmicks, no giveaways’, George Osborne, the Chancellor of the Exchequer, offered pensioners with annuities the chance to cash them in and blow the lot. Borrowing in the coming year would be a fraction of a billion less than feared and the annual deficit was to be eliminated by 2019. The income tax personal allowance was raised. Business rates were to be reviewed. Duty on beer, cider and spirits came down a touch, but not on wine. A higher bank levy was predicted to raise £900 million. North Sea oil and gas producers were offered tax reductions. About 15 million people would have to update their tax returns online through the year. The minimum wage would rise in October by 20p an hour to £6.70, with less for younger workers. Voters were told that if they elected a Conservative government, death duties would be reduced.