THERE were mixed fortunes for Swindon residents yesterday as the Chancellor George Osborne announced his final Budget before the election later this year.

Beer lovers will be celebrating a reduction by 1p in beer duty and September’s planned petrol duty increase has been cancelled.

There is also set to be a new franchise announcement for the Great Western Railway line. The Department of Transport will announce details later but it expected the First Group will be given an extension to run the lines until 2020, and will oversee the introduction of a new fleet of trains.

However, there were also some concerns about the lack of money being given to the South West, compared with the North.

Although £7 billion was announced for transport schemes, much has already been set aside such as the money for the Eastern Villages infrastructure.

Phil Smith, managing director of Business West, said: “This was a Budget focused on the big fiscal fundamentals, with George Osborne stressing his credentials on debt and deficit reduction in the lead in to the general election.

"We didn’t see big spending giveaways, which is a relief for those who know that tax pledges before elections are usually reversed immediately afterwards.

“Businesses will welcome many of the measures on business tax. Confirmation of the cut in the rate of corporation tax to 20 per cent was aimed at sending a message globally that Britain remains open for business.

“The South West got some honourable mentions, with a £7 billion transport announcement and a two per cent cut in cider duty.

“But what was most striking is how little attention is being paid to the West of England compared to the North of England.”

Smokers were once again hit as a rise equivalent to 16p came into effect last night.

The tax-free personal allowance will rise to £11,000 by 2018 but the Chancellor was criticised for not moving the minimum wage above £7 an hour as previously promised.

There was good news for savers and pensioners with Malcom Emery, a partner at Swindon-based Thrings solicitors welcoming news for first time house buyers, although he had some concerns.

He said: “Tax on income from savings will be abolished for millions while a new ISA will be available for first time buyers.

“The scheme will help many individuals save for a property by contributing £50 to every £200 they save.

“With property prices in the South West being among the highest in the UK outside of London, the scheme will hopefully assist more first time buyers to get on the property ladder.

“A pre-election Budget is never a good time to make waves but some mid-market businesses may be disappointed by today’s announcement.

“A large number of these businesses operate in the South West, and many will argue that the lack of tax reforms has impacted on the performance of the local economy.”

  • Money saving expert Martin Lewis gives his views on the Budget in this video