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| Version 3 | Version 4 |
|---|---|
| Budget 2016 summary: Key points at-a-glance | Budget 2016 summary: Key points at-a-glance |
| (35 minutes later) | |
| George Osborne has delivered his eighth Budget as chancellor. Here are the main points of what he said. | George Osborne has delivered his eighth Budget as chancellor. Here are the main points of what he said. |
| Health and education | Health and education |
| A new sugar tax on the soft drinks industry to be introduced in two years' time, raising £520m a year to be spent on doubling funding for primary school sport | |
| Levy to be calculated on levels of sugar in sweetened drinks produced and imported, based on two bands | Levy to be calculated on levels of sugar in sweetened drinks produced and imported, based on two bands |
| Pure fruit juice and milk-based drinks to be excluded | Pure fruit juice and milk-based drinks to be excluded |
| Secondary schools in England to bid for new funding for extra activities like sport and art | Secondary schools in England to bid for new funding for extra activities like sport and art |
| Plan for all schools in England to become academies by 2022 | Plan for all schools in England to become academies by 2022 |
| Compulsory maths lessons until 18 to be looked at | |
| £500m to ensure "fair funding" formula for schools in England | £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 | Libor funds to be spent on children's hospital services, specifically in Manchester, Sheffield, Birmingham and Southampton |
| The state of the economy | The state of the economy |
| Growth forecasts revised down markedly for next five years | |
| Growth forecast to be 2% in 2016, down from 2.4% in November's Autumn Statement | Growth forecast to be 2% in 2016, down from 2.4% in November's Autumn Statement |
| GDP predicted to grow 2.2% and 2.1% in 2017 and 2018, down from 2.4% and 2.5% forecast four months ago | GDP predicted to grow 2.2% and 2.1% in 2017 and 2018, down from 2.4% and 2.5% forecast 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 | The UK will still grow faster than any other major Western economy |
| A million jobs forecast to be created by 2020 | A million jobs forecast to be created by 2020 |
| Inflation forecast to be 0.7% for 2016, rising to 1.6% next year | |
| Public borrowing/deficit/spending | Public borrowing/deficit/spending |
| Further spending cuts of £3.5bn by 2020 | Further spending cuts of £3.5bn by 2020 |
| Debt targets to be missed. 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 targets to be missed. 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 |
| Annual borrowing in 2015-6 forecast to be £72.2bn, £1.3bn lower than forecast in November | |
| Public finances still projected to achieve a £10.4bn surplus in 2019-2020 | |
| But borrowing forecasts revised up to £55.5bn (+£5.6bn), £38.8bn (+£14bn) and £21.4bn (+16.8bn) in 2016-7, 2017-8 and 2018-9 respectively | |
| The deficit as a share of GDP is projected to fall to 2.9% in 2016-17, 1.9% in 2017-18 and 1% in 2018-19 | The deficit as a share of GDP is projected to fall to 2.9% in 2016-17, 1.9% in 2017-18 and 1% in 2018-19 |
| Spending as a share of GDP to fall to 36.9% by 2020 | |
| Personal taxation | Personal taxation |
| The threshold at which people pay 40% tax will rise from £42,385 to £45,000 in April 2017 | The threshold at which people pay 40% tax will rise from £42,385 to £45,000 in April 2017 |
| Tax-free personal allowance to rise to £11,500 in April 2017 | Tax-free personal allowance to rise to £11,500 in April 2017 |
| Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers | Capital Gains Tax to be cut from 28% to 20%, and from 18% to 10% for basic-rate taxpayers |
| 0.5% rise in insurance premium tax | 0.5% rise in insurance premium tax |
| Class 2 National Insurance contributions abolished, which the government says gives a tax cut of more than £130 to three million self-employed workers from 2018 | |
| Alcohol, tobacco, gambling and fuel | Alcohol, tobacco, gambling and fuel |
| Fuel duty to be frozen at 57.95p per litre for sixth year in a row | |
| Beer, cider, and spirits duties to be frozen | Beer, cider, and spirits duties to be frozen |
| Excise duties on tobacco to rise by 2% above inflation | Excise duties on tobacco to rise by 2% above inflation |
| Pensions and savings | Pensions and savings |
| Annual Isa limit to rise from £15,000 to £20,000 | Annual Isa limit to rise from £15,000 to £20,000 |
| New "lifetime" Isa for the under-40s, with government putting in £1 for every £4 saved | New "lifetime" Isa for the under-40s, with government putting in £1 for every £4 saved |
| People will be able to save up to £4,000 a year until they turn 50 | |
| New state-backed savings scheme for low-paid workers, worth up to £1,200 over four years | 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 | Headline rate of corporation tax - currently 20% - to fall to 17% by 2020 |
| Anti-tax avoidance and evasion measures to raise £12bn 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 thousands of firms | Annual threshold for small business tax relief to be raised from £6,000 to a maximum of £15,000, exempting thousands of firms |
| Supplementary charge for oil and gas producers to be halved from 20% to 10% | Supplementary charge for oil and gas producers to be halved from 20% to 10% |
| Petroleum revenue tax to be "effectively abolished" | Petroleum revenue tax to be "effectively abolished" |
| £9bn to be raised by closing corporate tax loopholes | |
| Use of "personal service companies" by public sector employees to reduce tax liabilities to end | 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 | 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 |
| Housing/infrastructure/transport/regions/energy/culture | |
| Powers over criminal justice to be devolved to Greater Manchester | |
| New rail lines to get green light, including Crossrail 2 in London and the HS3 link between Manchester and Leeds | 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 | More than £230m earmarked for road improvements in the north of England, including upgrades to M62 |
| £700m for flood defences schemes, including projects in York, Leeds, Calder Valley, Carlisle and across Cumbria | |
| Tolls on Severn River crossings to be halved by 2018 | 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 | 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 | New elected mayors for cities and towns in southern England |
| New Shakespeare for the North theatre in Knowsley, Merseyside | |