Sadly for savers, there were few measures contained within yesterday's Budget announcement that will be of any help to them over the coming year.
Savers across the country are striving to weather the storms of rising inflation – which has been tipped as likely to remain between four and five per cent until at least next year - and low interest rates.
There are only eight savings accounts – all of them ISAs - on the market which currently pay a return higher than the Consumer Price Index (CPI), which measures inflation. Due to their ISA status, the amount of savings than can be deposited is limited, totalling a maximum of £5,100 a year.
There is not a single savings account available that pays a return higher than inflation when it is measured by the Retail Price Index (RPI), which currently sits at 5.5 per cent. This therefore means that cash savings are losing their 'purchasing power' when looked at in real terms.
Taxpayers who sit in the highest tax bracket may gain some comfort from the news that the 50p tax rate could be temporary. Chancellor George Osborne announced that, whilst those earning over £150,000 a year will continue to pay this rate for the near future, a review will be carried out each year to see how much is being raked in, and the rate may then be removed at some point.
Despite calls for the austerity measures to be diluted, Osborne held firm, saying, "Britain has a plan. And we are sticking to it."
