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Budget 2014: Reaction in quotes Budget 2014: Reaction in quotes
(35 minutes later)
"With the help of the British people we're turning our country around," Chancellor George Osborne told MPs in his Budget statement."With the help of the British people we're turning our country around," Chancellor George Osborne told MPs in his Budget statement.
"We're building a resilient economy. This is a Budget for the makers, the doers, and the savers.""We're building a resilient economy. This is a Budget for the makers, the doers, and the savers."
But what have others made of his announcements?But what have others made of his announcements?
Opposition leader Ed MilibandOpposition leader Ed Miliband
The chancellor spoke for nearly an hour but he did not mention one central fact: the working people of Britain are worse off under the Tories. The chancellor spoke for nearly an hour but he did not mention one central fact: the working people of Britain are worse off under the Tories. Living standards down, month after month, year after year. Their 2010 manifesto promised "an economy where people's standard of living rises steadily and sustainably". But they have delivered exactly the opposite. Standards of living not rising steadily and sustainably, but falling sharply and steeply.
Living standards down, month after month, year after year.
Their 2010 manifesto promised "an economy where people's standard of living rises steadily and sustainably".
But they have delivered exactly the opposite. Standards of living not rising steadily and sustainably, but falling sharply and steeply.
Lib Dem leader Nick CleggLib Dem leader Nick Clegg
I'm extremely proud of what we've presented for savers, for workers, to make sure that we keep energy-intensive industries in this country employing thousands of people. I'm extremely proud of what we've presented for savers, for workers, to make sure that we keep energy-intensive industries in this country employing thousands of people. Of course, I'm most proud of the fact that we have not only delivered the Liberal Democrat flagship policy of raising the point at which you pay income tax as of next month to £10,000 - that's a £700 tax cut to millions of taxpayers - we're now over-delivering on that manifesto commitment by lifting the tax allowance to £10,500, and that's worth an £800 tax cut in total to over 24 million people.
Of course, I'm most proud of the fact that we have not only delivered the Liberal Democrat flagship policy of raising the point at which you pay income tax as of next month to £10,000 - that's a £700 tax cut to millions of taxpayers - we're now overdelivering on that manifesto commitment by lifting the tax allowance to £10,500 and that's worth an £800 tax cut in total to over 24 million people.
UKIP leader Nigel FarageUKIP leader Nigel Farage
No recession lasts forever, you know. You have four or five years of downward figures, and inevitably after that you get a period of up, and that's what we're going through. No recession lasts for ever, you know. You have four or five years of downward figures, and inevitably after that you get a period of up, and that's what we're going through. I don't think that this government has unleashed the full potential of British business. We will finish up at the end of the five years of this coalition government with our national debt having risen by 40%, and that must mean the original objective of the coalition has failed.
I don't think that this government has unleashed the full potential of British business. Scotland's Finance Secretary and SNP MSP John Swinney
We will finish up at the end of the five years of this coalition government with our national debt having risen by 40%, and that must mean the original objective of the coalition has failed. This was Westminster's last chance to show it could create opportunity for Scotland and reject the diet of austerity. Once again Westminster has failed to deliver for Scotland. This Budget confirms a further squeeze on public spending and a further austerity plan. The £63m added to the Scottish budget today is small beer compared to the significant cuts Scotland has faced since 2010. The chancellor is planning a further £37bn of cuts across the UK over the next two years and tens of billions to come afterwards. These cuts would be worse still if Scotland does not vote for independence and Westminster takes the knife to the Barnett formula. While I welcome the chancellor's choice of whisky as his referendum tipple, sticking with the Westminster system will leave Scotland with a severe hangover.
SNP Treasury spokesman Stewart Hosie
Chancellor George Osborne's attempts to use today's Budget statement as a vindication for four years of austerity crumbled today when the numbers he published proved he has failed on every single one of the tests which he set for himself:
Unfortunately for the chancellor, he was forced to report that debt will not begin to fall as a share of GDP until 2017-18, the current account will not be in the black until 2017-18, and the public sector net borrowing will not be £20bn in 2015-16 - it will be much a higher £68bn.
Today's budget sees no let-up in the UK government's austerity programme. The Tory-Liberal coalition are still trying to balance the books on the back of the poor.
Plaid Cymru's Westminster leader Elfyn LlwydPlaid Cymru's Westminster leader Elfyn Llwyd
All in all, I am disappointed in that there doesn't seem, to me anyway, to be much cheer amongst the small and medium enterprise sector and for us in Wales. All in all, I am disappointed in that there doesn't seem, to me anyway, to be much cheer amongst the small and medium enterprise sector, and for us in Wales. That's 90% of the whole employment of Wales. There doesn't seem to be any alleviation for them, it seems to me - anything other than we already knew.
That's 90% of the whole employment of Wales. Office for Budget Responsibility chairman Robert Chote
There doesn't seem to be any alleviation for them, it seems to me - anything other than we already knew. Consumer spending remains the driver of the pick-up in growth that we saw last year. We've also seen more tentative evidence that business investment is starting to pick up, and that is the main reason why we've edged up our growth forecast for this year and next. If you look at what was happening last year, consumer spending was being financed primarily by people running down their savings rather than by growth in incomes. We don't think savings are going to be drawn down at quite the pace they were last year. Over the longer term... hopefully, the long-awaited improvement in productivity growth - that's the amount of goods and services we get out of every individual in the economy - will start to pick up. That's the route to a sustainable recovery in people's real incomes.
Saga's Paul Green
There are a number of announcements in today's budget that will be music to the ears of the over-50s. Many older savers want to be able to save the whole ISA allowance in cash, and the reduced tax on savings income will be a huge boost to those who have saved and done the right thing. Trusting people with their money must be the right approach, but with greater longevity the biggest challenge is to make people's savings last a lifetime. Those saving for retirement and the financial services industry need to step up to the challenge to enable savers to achieve their retirement dreams.
Home Builders Federation chairman Stewart Baseley
All the indicators show a significant increase in house building in recent months. The measures announced today, in particular the extension of the Help to Buy equity loan scheme, will enable the industry to increase output in a sustained manner.
Commercial property firm JLL's Jeff Field
Plans for a new generation of garden cities across the country is a bold move but it will take some considerable time to deliver and not everyone will want to live in such communities. With house price inflation and rising rents in London, the government needs to provide other pressure valves. It should send out a clear policy message in the South East that it is serious about delivering on new housing.
Macmillan Cancer Support's Ciarán Devane
The current welfare system provides thousands of cancer patients with a financial lifeline at a time when they need it most. Spending should not be determined in any other way than offering support to those who need it, when they need it. The government must clarify how it will ensure the cap on welfare spending does not negatively impact people with cancer.
Mark Beatson, of the Chartered Institute of Personnel and Development
We will not get sustained productivity growth without more investment by business, so we welcome the chancellor's decision to extend the Annual Investment Allowance and double it from £250,000 to £500,000 - a measure that should give investment a kick-start.