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Budget 2013 - Personal Allowance increased

The Personal Allowance has been increased to £10,000 as part of this year's budget reforms.

Raising income tax threshold will mean that £700 less will be paid by working families the Chancellor argued. The changes will be brought in at the start of 2014, which is ahead of the expected schedule.

The aim to increase the personal allowance had long been a target of the Liberal Democrats who welcomed the changes enthusiastically when Osborne announced the decision.

The changes to personal allowance were in keeping with the main themes of the budget as a whole which focused on Britain as an 'aspiration nation' which intended to reward people who work hard and are looking to improve and secure their futures.

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