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Budget 2016 summary: Key points at-a-glance | Budget 2016 summary: Key points at-a-glance |
(35 minutes later) | |
George Osborne is delivering his eighth Budget as chancellor. The key points of what he says will be added to this page as he speaks. | George Osborne is delivering his eighth Budget as chancellor. The key points of what he says will be added to this page as he speaks. |
The state of the economy | The state of the economy |
Growth of 2% forecast for 2016, revised down from 2.4% in November's Autumn Statement | Growth of 2% forecast for 2016, revised down from 2.4% in November's Autumn Statement |
Forecast growth of 2.2% and 2.1% in 2017 and 2018, revised down from 2.4% and 2.5% four months ago | Forecast growth of 2.2% and 2.1% in 2017 and 2018, revised down from 2.4% and 2.5% four months ago |
Outlook for global economy is "materially weaker" and UK "not immune" to slowdown elsewhere | Outlook for global economy is "materially weaker" and UK "not immune" to slowdown elsewhere |
The UK will still grow faster than any other major Western economy and is on course for a budget surplus | |
A million jobs forecast to be created by 2020 | A million jobs forecast to be created by 2020 |
Inflation of 0.7% forecast for 2016 | Inflation of 0.7% forecast for 2016 |
Public borrowing/deficit/spending | Public borrowing/deficit/spending |
Spending as a share of GDP to fall to 36.9% by 2020 | Spending as a share of GDP to fall to 36.9% by 2020 |
Further spending cuts of £3.5bn by 2020 | Further spending cuts of £3.5bn by 2020 |
Forecast debt as a share of GDP revised up in each of the next five years to 82.6% in 2016-17 and 81.3%, 79.9%, 77.2%, 74.7% in subsequent years | |
Debt to be £9bn lower in 2015-16 in cash terms | Debt to be £9bn lower in 2015-16 in cash terms |
The deficit is projected to fall to 2.9% in 2016-17, 1.9% in 2017-18 and 1% in 2018-19 | |
Personal taxation | Personal taxation |
1% rise in insurance premium tax | |
Alcohol, tobacco, gambling and fuel | Alcohol, tobacco, gambling and fuel |
Fuel duty to be frozen for sixth year in a row | |
Beer duty to be frozen | |
Excise duties on tobacco to rise by 2% above inflation | |
Pensions and savings | Pensions and savings |
New state-backed savings scheme for low-paid workers, worth up to £1,200 over four years | |
The Money Advice Service, which has provided financial advice to consumers since 2010, is to be abolished. | |
Business | Business |
Headline rate of corporation tax - currently 20% - to fall to 17% by 2020 | |
Anti-tax avoidance and evasion measures to raise £12bn by 2020 | |
Annual threshold for small business tax relief to be raised from £6,000 to a maximum of £15,000, exempting 600,000 firms | |
Supplementary charge for oil and gas producers to be halved from 20% to 10% | |
Petroleum revenue tax to be "effectively abolished" | |
£9bn to be raised by closing corporate tax loopholes and tax minimisation schemes | |
Use of "personal service companies" by public sector employees to reduce tax liabilities to end | |
Commercial stamp duty 0% rate on purchases up to £150,000, 2% on next £100,000 and 5% top rate above £250,000. New 2% rate for high-value leases with net present value above £5m. Effective from midnight | |
Education and health | Education and health |
A new sugar levy on the soft drinks industry to be introduced in two years' time, raising £520m which will be spent on primary school sport | |
Secondary schools in England to bid for new funding for extra activities like sport and art | |
Plan for 25% of secondary schools to stay open after 15:30 | |
Plan for all schools in England to become academies by 2022 | |
Plans to enable all pupils to study maths until 18 | |
£500m to ensure "fair funding" formula for schools in England | |
Libor funds to be spent on children's hospital services, specifically in Manchester, Sheffield, Birmingham and Southampton | |
Housing/infrastructure/transport/regions/energy | |
New rail lines to get green light, including Crossrail 2 in London and the HS3 link between Manchester and Leeds | |
More than £230m earmarked for road improvements in the north of England, including upgrades to M62 | |
£700m for flood defences schemes | |
Tolls on Severn River crossings to be halved by 2018 | |
In Scotland, Libor bank fines to pay for community facilities in Helensburgh and for naval personnel at Faslane | |
New elected mayors for cities and towns in southern England | |
Welfare | Welfare |
Disability benefits bill to increase in real terms | Disability benefits bill to increase in real terms |