Budget 2014: The headlines

George Osborne announced a big surprise at the end of his budget major changes to the Isa and pension regime.Here are all the main changes announced in the budget:

Isas

Existing Isas can be transferred between shares and cash or vice versa without any restriction. These restrictions will be lifted in July as well.

Pensions

More retirees will be able to go into flexible drawdown' with their pension pots. In other words, they'll have complete flexibility on how much money they can withdraw. They'll only need to demonstrate they have £12,000 in other pension income as opposed to £20,000 now.

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Anyone with a pension pot who is about to retire can receive free financial advice on what to do a new right to advice'.

New pensioner bond

Income tax

The higher rate (40%) threshold will rise to £41,865, and then by 1% each year.

Growth and debt

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