What the Budget means for you - video script

John Fitzsimons reviews how the 2010 Budget will impact your bank balance.

John Fitzsimons reviews how the 2010 Budget will impact your bank balance.

The winners

Let’s start with the positives. First-time buyers got a great boost, with the doubling of the Stamp Duty threshold to £250,000. However, it’s really only of benefit to buyers in the South East, South West and London, as in the rest of the UK, the average transaction price of a first-time buyer property is less than the previous threshold of £125,000.

Also celebrating will be those looking to build savings. Banks will be obliged to make current accounts available to all Brits – currently more than a million people are excluded. ISA limits will also increase with inflation, which is great news.

And finally, drivers should be pleased that the planned 3p increase in duty will at least be staggered, with 1p increases in April, October and next January

The losers

It’s not been a good day for those people buying property at the top end of the market. To pay for the first-time buyer tax cut, those buying property for more than £1m will have to stump up a whopping 5% in tax!

The wealthy will also be upset that the Government is clamping down on tax havens like Belize, and freezing inheritance tax thresholds for four years.

And as is by now traditional, drinkers and smokers have been clouted again. Duty on beer, wine and spirits will rise by 2% a year until 2013, though cider drinkers have been particularly punished with a 10% duty rise! Smokers will also face a 1% duty increase, with 2% following in future years.

Of course, if the Tories win the election in the next few weeks there will be another Budget, so we might be going through all this again!