Missing Plane: Could A Fire Explain Mystery?

Both pilots on the missing Malaysia Airlines plane may have been incapacitated by a fire in the cabin, an expert has told Sky News.

The theory, which has been gathering pace within the aviation industry over recent days, suggests the tracking equipment was disabled to prevent a fire getting worse.

Experts say it would mean the pair had changed course in a bid to find an airport where they could land stricken the aircraft - but were overcome by smoke.

While officials investigating the mystery have not commented on the theory, if true, it would make the two men in control of flight MH370 heroes rather than the suspects they have become.

Pilot Fikri Zambi told Sky News: "Let's say you have an electrical problem inside the wiring and you have smoke in the cabin.

"If it is anything to do with the wiring from the transponder or ACARS that's causing the smoke, then we have to pull out the circuit breakers to make it stop."

Pilots Fariq Abdul Hamid and Zaharie Ahmad Shah may be heroes not suspects

He said the next thing the pilots would do is attempt to get the plane to the nearest airport, which would mean turning left and back to the peninsula.

Experts say the jet could have kept heading southwest because the crew were rendered unconscious by the smoke.

Under such circumstances, if the plane remained in auto-pilot mode, it would continue flying south over the vast Indian Ocean until it ran out of fuel or was overcome by the flames.

Another pilot, Chris Goodfellow, a Canadian with 20 years' flying experience, also put forward the theory of a cabin fire in a piece he posted online. 

He suggested Captain Zaharie Ahmad Shah was a "smart pilot" who "just didn't have the time" to land at an airport within a reasonable distance before he was overcome by smoke from the fire.

A contributor to the Professional Pilots Rumour Network forum, under the username Aerobat77, wrote: "For me, (either this) or a similar event happened. No James Bond secret landing on a desert strip."

Others on the forum said suggestions the flight inexplicably climbed to 45,000ft - 10,000ft above its cruising altitude - could also be consistent with attempts to put out a fire.

The search operation covers massive swathes of land and sea

A number of other theories have also been put forward since flight MH370 vanished.

Hijack

Among the more common theories in circulation is the idea that the aircraft was hijacked, either by a member of the crew or one of the passengers.

This gained weight when authorities revealed tracking and communications devices had been turned off deliberately.

However, the lack of any contact or demands from supposed hijackers indicates otherwise and experts say it would be almost impossible to land on an airstrip undetected.

Theft

Similar arguments are made in response to the theory that the Boeing 777 has been stolen by persons unknown, who would use it for a terror attack or simply sell the parts.

Experts also say serial numbers on all the aircrafts components would make it very difficult to sell any.

It is also pointed out that it would be much easier for terrorists to steal one of the thousands of business jets and cargo planes that take to the skies every day and which would attract far less attention.

Flight MH370 hid below another plane

Keith Ledgerwood, who describes himself as a "hobby pilot and aviation enthusiast" said the plane may have flown "in the shadow" of Singapore Airlines flight 68 to avoid detection on its way over India, Pakistan and Afghanistan.

Experts say such a manoeuvre would have roused suspicion from the Singapore Airlines pilots and that the theory does not explain how MH370 eventually peeled off and landed without anyone noticing.

Pilot suicide

Despite previous air crash investigations concluding they were the result of pilot suicide, this possibility has received relatively little coverage in this case,

The efforts to disable tracking and communication systems would appear unnecessary under such circumstances and no notes have been found during searches of the pilots' home.

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New £1 Coin Is 'Most Secure In The World'

The Chancellor has used his Budget to introduce a major change for the nation's pockets - a new pound coin to be introduced in 2017.

The high-tech coin will have the same shape as the 12-sided threepenny bit and will be the hardest in the world for criminals to copy, the Government said.

"After 30 years loyal service, the time is right to retire the current £1 coin, and replace it with the most secure coin in the world," a Treasury spokesman said.

"With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it's vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.

"We are particularly pleased that the coin will take a giant leap into the future, using cutting-edge British technology, while at the same time paying a fitting tribute to past in the 12-sided design of the iconic threepenny bit."

The threepenny bit went out of service in 1971

Currently, 3% of the current pound coins are fake, meaning a total of more than £45m in circulation are forgeries, according to the Treasury.

Several features of the new £1 coin should make it harder to fake, including its shape and its construction from two differently-coloured metals.

It will be similarly coloured to the gold and silver euro and the £2 coin.

The historic three pence piece, fondly known as the threepenny bit, was in circulation from 1937 until decimalisation in 1971 and was in the first group of coins to feature a portrait of Queen Elizabeth. 

The new coin is similar to the £2 coin in colour

As with all coins now, the Queen's face will be on the heads side of the new coin, but there is to be a public competition to decide the design for the tails side.

The design, which will be roughly the same size of the existing £1 coin, means vending machines and parking meters will have to be overhauled.

But it already has the backing of the Automatic Vending Association, which said the cost for adapting existing machines would be "minimal".

Kelvin Reynolds, of the British Parking Association, added: "Parking operators have long expressed concerns about a rise in counterfeit £1 coins and the inconvenience this causes to motorists when coins are rejected by parking payment machines and the losses incurred as a result."

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Missing Malaysia Jet: Chaos At News Conference

A news conference on the missing Malaysia Airlines plane has descended into chaos after two relatives of passengers attempted to stage a protest.

The pair were forcibly removed from Malaysian authorities' daily briefing to journalists when they tried to unfurl a banner.

Both women, thought to be related to Chinese passengers, were led away and shut in another room before being taken out of the hotel, with one being knocked over in the confusion.

While being escorted out of the hotel near Kuala Lumpur Airport, one of the women said: "We don't know how long we'll be waiting.

Family members are led away by authorities

"It's been 12 days, my loved one ... I don't know where my loved one is ... it's been 12 days, where is my son? Why are you not giving me any answers?"

The other woman, who was wearing a face mask, said: "They have followed us, taken care of us very well.

"However, we don't need to be looked after, we need to know the truth. We need to know where the plane is, we don't need someone to look after us everyday."

The woman told reporters 'we need to know where the plane is'

Sky News presenter Kay Burley was caught up in the melee as the two women were taken away.

She said: "People were being pushed, shoved, physically forced out of the way. The women were taken up an escalator and into another room."

Transport Minister Hishammuddin Hussein later ordered an inquiry into the incident.

In the news conference, Mr Hishammuddin said authorities had received more radar data, but that they were not permitted to reveal other countries' information.

He said reports from the Maldives that a "low-flying jumbo jet" had been spotted on the day the plane went missing had turned out to be false.

Authorities did not say why they would not allow the women to speak

But he revealed that analysis of the flight simulator belonging to pilot Captain Zaharie Ahmad Shah had shown some data had been deleted. 

He said investigations into the 239 people on board the plane continued, but stressed that they were all innocent until proven otherwise.

"We have received passengers' background checks from all countries apart from Ukraine and Russia," Mr Hishammuddin said.

"So far no information of significance on any passengers has been found."

A huge search operation, involving more than 20 countries, continues

It comes after Thailand's military revealed its radar may have picked up flight MH370 heading back towards Kuala Lumpur just eight minutes after it lost contact with air traffic controllers.

They say they tracked the signal as the missing jet turned towards Butterworth and the Strait of Malacca, before it disappeared from their screens.

It took off from Kuala Lumpur at 12:40am on March 8 and its transponder, which allows air traffic controllers to identify and track it, ceased communicating at 1:20am.

The plane slipped off Malaysian civilian radar screens at 1:30am but continued to appear on its military radars until 2:15am before disappearing entirely.

Thailand's failure to quickly pass on possible information about the plane raises questions about the degree to which some countries are sharing their defence data.

When asked why it took so long to release the information, a spokesman said it raised no alarms because the signal was not heading toward Thailand and never entered Thai airspace.

Investigators will check Malaysian military radar data against the Thai data to see if they can narrow the search area.

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Madeleine Police Appeal Over Abuse Suspect

Police searching for Madeleine McCann have launched a search for a man who abused children in holiday homes in Portugal.

Officers from Operation Grange have identified a series of 12 crimes between 2004 and 2010 where a male intruder entered villas occupied by UK families on holiday in the Western Algarve.

In four of these incidents - between 2004 and 2006 - the man sexually assaulted five white girls, aged between seven and 10, while in their beds.

Madeleine disappeared in 2007

The cases are not identical but there are enough similarities for police to believe finding this suspect could be key.

In most cases it was low season, there were no signs of forced entry, nothing was taken and the intruder appeared between 2am and 5am.

A three-year-old Madeleine vanished in May 2007 from a holiday apartment in Praia da Luz while her parents, Kate and Gerry McCann, dined at a nearby tapas restaurant with friends

Of the 12 offences at the centre of the new lead, four were in Carvoeiro, six in the Vale da Parra and two in Praia da Luz.

On one occasion, the man assaulted two girls in the same villa.

A distinctive burgundy long-sleeve top worn by the suspect

DCI Andy Redwood, the senior investigating officer, said the suspect had an "unhealthy interest in young white female children".

"We need to establish the identity of this man," he added.

"These offences are very serious and no one has been charged in connection with them. We also need to eliminate this man from our enquiries and ascertain whether these offences are linked to Madeleine's disappearance.

"If you have been a victim of a similar crime please come forward, even if you reported the incident to police in Portugal, or anywhere else. Please do not assume we have been made aware of it.

"While some of these offences have been in the public domain before, following our appeal in October three more were reported to us as a direct result of that appeal. One of those reports we believe is the first in the potential series."

Kate and Gerry McCann, from Rothley in Leicestershire

Police believe the suspect may have been in the villas for some time before being disturbed by parents or a child waking up - and he remained calm even when interrupted.

The noise of a bin collection lorry was heard nearby on two occasions.

The suspect is described as having tanned skin with short, dark, unkempt hair.

Witnesses say he spoke English with a foreign accent and his voice has been described as slow, or possibly slurred.

On two occasions, in Vale de Parra and Praia da Gale, he was wearing a distinctive burgundy long-sleeve top with a white circle on the back.

Sometimes he was bare chested, displaying what several witnesses describe as a pot belly.

Three victims talked of a noticeable odour.

Portuguese police closed their inquiry into Madeleine's disappearance in 2008 but Scotland Yard opened a new review of the evidence in 2011.

Praia da Luz, where Madeleine was taken

Police are still hunting a man seen carrying a girl fitting Madeleine's description on the night of her disappearance.

DCI Redwood added: "Our appeal last year was very successful and we had over 5,000 calls which generated new information for us and which we continue to investigate.

"We still need to establish the identity of a man seen by three witnesses, carrying a child fitting Madeleine's description towards the beach or town areas at about 10pm on the night Madeleine disappeared.

"The witnesses have described the man in the e-fits as being white, aged in his 30s, with short brown hair, of medium build, medium height and clean shaven.

"The Metropolitan Police Service continues to offer a reward of up to £20,000 for information leading to the identification, arrest and prosecution of the person(s) responsible for the abduction of Madeleine McCann from Praia da Luz, Portugal on 3 May 2007."

Anyone with information should call 0800 0961011 - or +44 207 1580 126 for non-UK residents.

Alternatively, call Crimestoppers anonymously on 0800 555 111.

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Pistorius Trial: 'Reeva Tried To Protect Herself'

A police ballistics expert has revealed how Reeva Steenkamp covered her head to protect herself in a toilet cubicle as her boyfriend Oscar Pistorius opened fire.

Captain Christian Mangena was giving evidence on day 13 of the Paralympian's murder trial, which has now been adjourned until next week.

The initial bullet was the first of four fired by the double-amputee athlete.

Capt Mangena told the court in Pretoria that Ms Steenkamp fell back onto a magazine holder in the toilet after being hit by the first bullet.

The second bullet that was fired through the wooden door missed, he said, before ricocheting off a wall and bruising her back.

Pistorius awaits the start of day 13

However, Ms Steenkamp, 29, was hit by the third and fourth bullets - in the arm and the head.

Capt Mangena said she was crossing both hands over her head to protect herself when the third and fourth bullets struck.

One of those bullets went through Ms Steenkamp's left hand before penetrating her skull.

The policeman said he couldn't determine the order of the last two shots but revealed they left Ms Steenkamp slumped with her head on the toilet seat.

"She ended up with her head on top of the toilet seat, and the lower part of her body on the rack," Capt Mangena said.

The ballistics expert also concluded that Pistorius was "likely" to have been on his stumps when he fired the shots and was "firing from a distance greater than 60 centimetres" but no more than three metres.

Capt Mangena claimed the type of bullets in Pistorius' gun were designed to cause maximum damage and were often used for self-defence.

"It hits the target, it opens up, it creates six talons, and these talons are sharp," he said. "It cuts through the organs of a human being."

The victim's mother, June Steenkamp, was once again in court hearing the evidence relating to her daughter's death.

Captain Christian Mangena giving evidence

In response to Capt Mangena's evidence, defence lawyer Barry Roux argued that the state was coming up with versions to "constitute premeditated murder".

Mr Roux said the defence's own ballistics experts would challenge evidence regarding the sequence of shots.

He also revealed how defence experts recovered a bullet and fragments from the toilet bowl that police missed.

The court then heard from Colonel Ian Van Der Nest, a blood spatter expert from the Forensic Science Laboratory in Pretoria.

He said Ms Steenkamp's long hair and short pants were soaked in blood.

Pistorius stands beside his sister Aimee during court proceedings

Col Van Der Nest told the court there was no evidence of "blunt force" inflicted by hitting or beating.

Pistorius, who won two gold medals at the Paralympics in London in 2012, is charged with premeditated murder.

He is also accused of illegally possessing ammunition, as well as two further counts related to shooting a gun in public in two separate incidents before the killing.

The athlete denies the charges and says he shot Ms Steenkamp in error after mistaking her for an intruder.

The trial has now been adjourned until Monday, when the state will begin calling its final four or five witnesses.

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Pro-Russian Forces Seize Ukrainian Navy HQ

Pro-Moscow forces have stormed the Ukrainian navy's headquarters in the Black Sea port of Sevastopol and raised the Russian flag in an apparently peaceful takeover.

Witnesses said several hundred members of Crimea's self-defence militia and armed men, thought to be Russian troops, forced their way on to the base and raised three Russian flags over the building.

Despite initial conflicting reports, the takeover appeared to be tense but peaceful.

"This morning they stormed the compound. They cut the gates open, but I heard no shooting," said Oleksander Balanyuk, a captain in the navy.

In Sevastopol, a Reuters witness saw around a dozen Ukrainian servicemen, unarmed and in civilian clothes, walk out of the base unarmed some 90 minutes after the pro-Russia forces entered.

Armed troops - believed to be Russian servicemen - guard the naval base

Interfax Ukraine reported the commander of the Ukrainian navy, Admiral Sergei Haiduk, was among those who left and was driven away by officers from Russia's FSB intelligence service.

Russia's Itar-Tass news agency reported that Alexander Vitko, commander of Russia's Black Sea Fleet which is also based in Sevastopol, had been involved in talks at the headquarters.

Joe Biden's mission to Eastern Europe aimed to reassure US allies

Tensions in the region remained high after troops stormed an army base in Simferopol on Tuesday, killing one soldier.

It comes days after Crimea voted in a referendum to break away from Ukraine and join Russia.

President Vladimir Putin signed a treaty to annex the peninsula to Russia, and other states in the region looked warily at the escalating crisis.

Issuing a warning to Moscow, US Vice President Joe Biden said, during a trip to Lithuania, that the US will respond to any aggression against its Nato allies.

"Russia cannot escape the fact that the world is changing and rejecting outright their behaviour," Mr Biden said, after meeting the leaders of Lithuania and Latvia.

The Baltic states, unlike Ukraine, are Nato members.

Ukraine's interim prime minister Arseniy Yatsenyuk has ordered the first deputy prime minister and acting defence minister to fly to Crimea "resolve the situation".

But Crimea's prime minister Sergei Aksyonov has barred the Ukrainian ministers from entering his territory.

Ukrainians leaving the base were cheered by people waving Russian flags

Sky News Foreign Affairs Editor Sam Kiley said: "This is an example of the sort of incident that could trigger something much more dangerous."

Meanwhile, a US guided-missile destroyer the USS Truxtun started a one-day military exercise in the Black Sea with the Bulgarian and Romanian navy and the Russian military launched large-scale aviation exercises in western regions.

And Germany's Foreign Minister Frank-Walter Steinmeier said he had urged his Russian counterpart in a phone call that an OSCE mission to Ukraine - which has previously been barred from entering Crimea - must be mandated within 24 hours.

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Budget 2014: Politics Blog Live Updates

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3:44pm UK, Wednesday 19 March 2014

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Budget 2014: The Key Points You Need To Know

The Chancellor George Osborne has delivered his fifth budget. Here are the key points.

Savings

:: Tax-free ISAs to be boosted to £15,000 per year from July. Junior ISAs up to £4,000 a year.

:: Stocks and shares ISAs can be tranferred to new single ISA scheme.

:: Premium Bonds cap lifted from £30,000 to £40,000 in June, and to £50,000 next year.

:: 10p rate of tax for savers to be abolished.

:: Zero tax band to cover £5,000 of savings.

Reliefs

:: Alcohol escalator to be scrapped for all alcohol duties, instead a rise with inflation.

:: Scottish whisky duty to be frozen as it is "a huge British success story".

:: Cut of 1p in duty per pint of beer.

:: Export finance lending interest rate to be cut by a third and lending doubled to £3bn.

:: From 2015, all long haul air passenger flights carry same, lower, band B tax rate.

:: Right to Build scheme for builders of their own homes including £150m of finance to support it.

:: New £200m fund for councils "to bid for" to fix potholes across Britain.

:: Additional £140m help for flood damage.

:: September's fuel duty rise will not be brought in.

Taxes

:: Duty on fixed-odds betting terminals to rise to 25%.

:: Horse race betting levy to be extended to bookmakers based offshore.

:: Bingo duty will be halved to 10% "to protect jobs and protect communities".

:: Tobacco duty to remain at 2% above inflation and escalator will not be stopped.

:: Increased disclosed tax avoidance schemes scrutiny for the wealthy.

:: City fines over Libor rate-rigging to continue going to military charities and emergency service charities.

:: From midnight anyone buying home over £500,000 through corporate entity to pay 15% stamp duty to "avoid abuse".

:: "We will expand the tax on residential properties worth over £2m to those worth more than £500,000."

:: Private jets, previously not taxed, will see tax levied on flights.

Income Tax

:: Personal tax allowance rises to £10,500 next year, giving average saving of £800.

:: 40p tax rate threshold to rise from £41,450 to £41,865 from next month and then up by further 1% to £42,285 next year.

:: Transferable tax allowance for married couples rising to £1,050.

Pensions

:: All retirees on defined contribution pensions to be offered free, impartial, face-to-face advice.

:: No need for pensioners to buy annuities if they do not wish to.

:: Removal of all remaining tax restrictions on how pensioners have access to their pension pots.

:: Income requirement for flexible draw-down from £20,000 to £12,000, raised cap draw-down limit from 120% to 150%.

:: Lump sum small pot level lifted five-fold to £10,000.

:: Almost doubling total pension savings as a lump sum to £30,000.

:: £20m  to be spent in next two years working with consumer groups over pension advice.

:: New Pensioner Bond paying market leading rates, issued by National Savings and Investments, open to everyone aged 65 or over. Available from January next year.

 

Spending and Welfare

:: Foreign aid to be 0.7% of national income.

:: Public sector spending reduction to reach £1bn by 2015-16.

:: A permanent cap on welfare, excluding state pension, set at £119bn in 2015-16, rising in line with forecast inflation to £127bn in 2018-19.

Growth

:: Independent OBR growth forecast revised upwards to 2.7%, up from 2.4% in Autumn Statement.

:: Growth next year is also revised up to 2.3%, then 2.6% in 2016 and 2017, with growth expected to return to long-term trend of 2.5% in 2018.

:: 1.5 million new jobs forecast in next five years.

Borrowing

:: Deficit this year of 6.6% reduced to 5.5%  next year, then expected to be 4.2%, 2.4% and finally 0.8% in 2017-18. Following year forecast surplus of 0.2%.

:: Expect to borrow £108bn this year, £12bn less than forecast last year. No borrowing from 2018-19.

:: OBR forecasts public debt to be 74.5% of GDP this year; 77.3% next year; peaking at 78.7% in 2015-16 - lower than the 80% previously forecast - before falling to 78.3% in 2016-17, then falling to 76.5% and then 74.2% in 2018-19.

:: The new £1 coin to thwart forgery and "In honour of our Queen".

Jobs

:: Support for more than 100,000 new apprenticeships.

:: New Alan Turing Institute for computing "big data" to boost Britain's IT prowess.

Business

:: New allowance for ultra high pressure, high temperature oil field for North Sea oil and gas.

:: Tax relief of up to 25% for touring theatrical productions.

:: VAT relief on fuel for air ambulances and inshore rescue boat services across Britain, and a new air ambulance for London.

:: Accept recommendation to move collection of Class 2 NICs into self-assessment, abolishing for 5 million people "this wholly unnecessary bureaucracy".

:: Corporation tax - high street stores will get £1,000 off their rates, and businesses the £2,000 Employment Allowance.

:: From next year, corporation tax to drop from 21% to 20% and under-21s taken out of the jobs tax.

:: Business rates discounts and enhanced capital allowances will be extended for another three years.

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Budget 2014: 'For Makers, Doers And Savers'

Budget 2014: Key Points At A Glance

Updated: 2:27pm UK, Wednesday 19 March 2014

The Chancellor George Osborne has delivered his fifth budget. Here are the key points.

Savings

:: Tax-free ISAs to be boosted to £15,000 per year from July. Junior ISAs up to £4,000 a year.

:: Stocks and shares ISAs can be tranferred to new single ISA scheme.

:: Premium Bonds cap lifted from £30,000 to £40,000 in June, and to £50,000 next year.

:: 10p rate of tax for savers to be abolished.

:: Zero tax band to cover £5,000 of savings.

Reliefs

:: Alcohol escalator to be scrapped for all alcohol duties, instead a rise with inflation.

:: Scottish whisky duty to be frozen as it is "a huge British success story".

:: Cut of 1p in duty per pint of beer.

:: Export finance lending interest rate to be cut by a third and lending doubled to £3bn.

:: From 2015, all long haul air passenger flights carry same, lower, band B tax rate.

:: Right to Build scheme for builders of their own homes including £150m of finance to support it.

:: New £200m fund for councils "to bid for" to fix potholes across Britain.

:: Additional £140m help for flood damage.

:: September's fuel duty rise will not be brought in.

Taxes

:: Duty on fixed-odds betting terminals to rise to 25%.

:: Horse race betting levy to be extended to bookmakers based offshore.

:: Bingo duty will be halved to 10% "to protect jobs and protect communities".

:: Tobacco duty to remain at 2% above inflation and escalator will not be stopped.

:: Increased disclosed tax avoidance schemes scrutiny for the wealthy.

:: City fines over Libor rate-rigging to continue going to military charities and emergency service charities.

:: From midnight anyone buying home over £500,000 through corporate entity to pay 15% stamp duty to "avoid abuse".

:: "We will expand the tax on residential properties worth over £2m to those worth more than £500,000."

:: Private jets, previously not taxed, will see tax levied on flights.

Income Tax

:: Personal tax allowance rises to £10,500 next year, giving average saving of £800.

:: 40p tax rate threshold to rise from £41,450 to £41,865 from next month and then up by further 1% to £42,285 next year.

:: Transferable tax allowance for married couples rising to £1,050.

Pensions

:: All retirees on defined contribution pensions to be offered free, impartial, face-to-face advice.

:: No need for pensioners to buy annuities if they do not wish to.

:: Removal of all remaining tax restrictions on how pensioners have access to their pension pots.

:: Income requirement for flexible draw-down from £20,000 to £12,000, raised cap draw-down limit from 120% to 150%.

:: Lump sum small pot level lifted five-fold to £10,000.

:: Almost doubling total pension savings as a lump sum to £30,000.

:: £20m  to be spent in next two years working with consumer groups over pension advice.

:: New Pensioner Bond paying market leading rates, issued by National Savings and Investments, open to everyone aged 65 or over. Available from January next year.

 

Spending and Welfare

:: Foreign aid to be 0.7% of national income.

:: Public sector spending reduction to reach £1bn by 2015-16.

:: A permanent cap on welfare, excluding state pension, set at £119bn in 2015-16, rising in line with forecast inflation to £127bn in 2018-19.

Growth

:: Independent OBR growth forecast revised upwards to 2.7%, up from 2.4% in Autumn Statement.

:: Growth next year is also revised up to 2.3%, then 2.6% in 2016 and 2017, with growth expected to return to long-term trend of 2.5% in 2018.

:: 1.5 million new jobs forecast in next five years.

Borrowing

:: Deficit this year of 6.6% reduced to 5.5%  next year, then expected to be 4.2%, 2.4% and finally 0.8% in 2017-18. Following year forecast surplus of 0.2%.

:: Expect to borrow £108bn this year, £12bn less than forecast last year. No borrowing from 2018-19.

:: OBR forecasts public debt to be 74.5% of GDP this year; 77.3% next year; peaking at 78.7% in 2015-16 - lower than the 80% previously forecast - before falling to 78.3% in 2016-17, then falling to 76.5% and then 74.2% in 2018-19.

:: The new £1 coin to thwart forgery and "In honour of our Queen".

Jobs

:: Support for more than 100,000 new apprenticeships.

:: New Alan Turing Institute for computing "big data" to boost Britain's IT prowess.

Business

:: New allowance for ultra high pressure, high temperature oil field for North Sea oil and gas.

:: Tax relief of up to 25% for touring theatrical productions.

:: VAT relief on fuel for air ambulances and inshore rescue boat services across Britain, and a new air ambulance for London.

:: Accept recommendation to move collection of Class 2 NICs into self-assessment, abolishing for 5 million people "this wholly unnecessary bureaucracy".

:: Corporation tax - high street stores will get £1,000 off their rates, and businesses the £2,000 Employment Allowance.

:: From next year, corporation tax to drop from 21% to 20% and under-21s taken out of the jobs tax.

:: Business rates discounts and enhanced capital allowances will be extended for another three years.

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Pension Firms 'Lose Billions' After Speech

Britain's financial service providers have lost billions in value after the Chancellor delivered his Budget for 'savers and pensioners', Sky News has calculated.

By mid-afternoon an estimated £4.5bn had been wiped off the value of the top five UK pension companies listed on the blue chip FTSE 100 index.

The investor exodus occurred after George Osborne announced that defined contribution pension holders are to be offered free, impartial and face-to-face advice.

Mr Osborne added in his speech that pensioners must no longer buy annuities if they do not want to.

Annuities provide a fixed income but cannot be transferred between providers.

Legal & General saw £1.8bn wiped from its market value after shares were 14% down in mid-afternoon trades.

Resolution, which traded at almost 10% down for a while, then dipped to 15% down - equal to losing £800m.

Aviva lost an estimated £900m, Standard Life around £350m and Prudential saw £800m wiped due to negative trades.

Meanwhile, independent financial adviser Hargreaves Lansdown saw its share price up 7.5%.

The annuities market has come under scrutiny in recent month, amid calls for widespread reform.

Aviva chief executive recently told Sky's Jeff Randall Live that the industry did need a shake-up.

The Chancellor also said remaining tax restrictions on pensioners accessing their funds would also be removed.

He added that £20m would be spent within two years working with consumer groups and industry on the pension advice structure.

Bookmakers William Hill and Ladbrokes were also bruised by the Budget, after Mr Osborne said fixed-odds betting terminal duty would rise to 25%.

The machines, many of which are located in high street betting shops, have spread rapidly in the last decade and have been a huge windfall for bookmakers.

Deloitte indirect tax partner Barney Horn said it would cost operators around £80m a year and added: "It will increase operating costs and could lead to further consolidation in the market.

"Online gambling operators are unlikely to be able to pass on the costs to consumers, but could be forced to cut back on marketing and player promotions."

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