The Budget at a glance>
Economy
• Predicted growth of 1-1.25% in 2010, in line with forecasts.
• Downgrades growth forecast for 2011 to 3-3.5%.
• Deficit £11bn lower in 2009/10 £14bn lower in 2010/11.
Spending
• Spending to increase by 2.2% above inflation 2010/11.
• 15,000 civil servants to be relocated outside London .
Taxes
• Tax allowances for those earning over £100,000 to be gradually removed.
• Inheritance tax threshold frozen for four years.
• Clampdown on tax avoidance to raise £500m, together with new tax agreements with Belize, Grenada and Dominica.
• No current plans for changes to VAT or income tax.
Borrowing
• Borrowing this year forecast to be £167bn - £11bn lower than expected.
• Borrowing to be cut from £163bn in 2010-11 to £74bn by 2014-15.
• Net debt to reach 56% of GDP this year and peak at 78% by the end of the forecast period in 2014-15.
Jobs
• The guarantee of Six month work or training for under 24s extended to 2012.
• Reduction in the amount of time over-65s have to work to receive work credits.
Education
• Funding for 20,000 new university places in science and maths.
• £35m enterprise fund to help university-launched businesses.
Pensions
• Winter fuel allowance rates extended for further year.
Environment
• £2bn investment bank to back low-carbon industries
Duties
• Duty on cider to rise by 10% above inflation from Sunday.
• Wine, beer and spirit duty up 2% a year until 2013.
• Tobacco duty up 1% this year and 2% a year in future years.
• 3p fuel duty rise to be phased in between April and January 2011.
Small businesses
• £2.5bn support for small business to boost skills and innovation.
• One year business rate cut from October to help 500,000 companies.
• Investment allowance for small firms doubled to £100,000.
The full text of the Chancellor’s speech can be found here:
http://www.hm-treasury.gov.uk/budget2010_speech.htm
APA
Economy
• Predicted growth of 1-1.25% in 2010, in line with forecasts.
• Downgrades growth forecast for 2011 to 3-3.5%.
• Deficit £11bn lower in 2009/10 £14bn lower in 2010/11.
Spending
• Spending to increase by 2.2% above inflation 2010/11.
• 15,000 civil servants to be relocated outside London .
Taxes
• Tax allowances for those earning over £100,000 to be gradually removed.
• Inheritance tax threshold frozen for four years.
• Clampdown on tax avoidance to raise £500m, together with new tax agreements with Belize, Grenada and Dominica.
• No current plans for changes to VAT or income tax.
Borrowing
• Borrowing this year forecast to be £167bn - £11bn lower than expected.
• Borrowing to be cut from £163bn in 2010-11 to £74bn by 2014-15.
• Net debt to reach 56% of GDP this year and peak at 78% by the end of the forecast period in 2014-15.
Jobs
• The guarantee of Six month work or training for under 24s extended to 2012.
• Reduction in the amount of time over-65s have to work to receive work credits.
Education
• Funding for 20,000 new university places in science and maths.
• £35m enterprise fund to help university-launched businesses.
Pensions
• Winter fuel allowance rates extended for further year.
Environment
• £2bn investment bank to back low-carbon industries
Duties
• Duty on cider to rise by 10% above inflation from Sunday.
• Wine, beer and spirit duty up 2% a year until 2013.
• Tobacco duty up 1% this year and 2% a year in future years.
• 3p fuel duty rise to be phased in between April and January 2011.
Small businesses
• £2.5bn support for small business to boost skills and innovation.
• One year business rate cut from October to help 500,000 companies.
• Investment allowance for small firms doubled to £100,000.
The full text of the Chancellor’s speech can be found here:
http://www.hm-treasury.gov.uk/budget2010_speech.htm
APA
1 comment:
....and 80% of government departments will pay suppliers in 5 days!
Post a Comment