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| Version 6 | Version 7 |
|---|---|
| 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 | 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 and small supplies will be exempt | Pure fruit juice and milk-based drinks to be excluded and small supplies will be exempt |
| Secondary schools in England to bid for £285m in new funding for extra after-school 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 | 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 |
| Analysis: What does it mean to be an academy school? | Analysis: What does it mean to be an academy school? |
| The state of the economy | The state of the economy |
| Growth forecasts revised down markedly for next five years | 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 still forecast to grow faster than any other major Western economy | The UK still forecast to 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 | Inflation forecast to be 0.7% for 2016, rising to 1.6% next year |
| Public borrowing/deficit/spending | Public borrowing/deficit/spending |
| Further cuts of £3.5bn by 2020, with spending as a share of GDP set to fall to 36.9% | Further cuts of £3.5bn by 2020, with spending as a share of GDP set to fall to 36.9% |
| 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% and 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% and 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 | 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 | 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 | 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 |
| Personal taxation | Personal taxation |
| The threshold at which people pay 40% income tax will rise from £42,385 now to £45,000 in April 2017 | The threshold at which people pay 40% income tax will rise from £42,385 now to £45,000 in April 2017 |
| Tax-free personal allowance, the point at which people pay income tax, to rise from £11,000 in April 2016 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 |
| Insurance premium tax to rise from 9.5% to 10% | Insurance premium tax to rise from 9.5% to 10% |
| 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 | 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 |
| Analysis: What the Budget means for you? | Analysis: What the Budget means for you? |
| 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 | 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 £15,240 to £20,000 | Annual Isa limit to rise from £15,240 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 who save a maximum of £4,000 towards a home deposit or retirement will get a £1,000 top-up from the state every year until they turn 50 | People who save a maximum of £4,000 towards a home deposit or retirement will get a £1,000 top-up from the state every 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 | 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 |
| Annual threshold for 100% relief on business rates for small firms to rise from £6,000 to £12,000 and the higher rate from £18,000 to £51,000, exempting 600,000 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% |
| Debt interest payments used by larger firms to cut corporation tax bills will be capped at 30% of earnings. | Debt interest payments used by larger firms to cut corporation tax bills will be capped at 30% of earnings. |
| Petroleum revenue tax to be "effectively abolished" | Petroleum revenue tax to be "effectively abolished" |
| Anti-tax avoidance and evasion measures to raise £12bn by 2020 | Anti-tax avoidance and evasion measures to raise £12bn by 2020 |
| 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 |
| Crackdown on foreign firms selling products online in UK without paying VAT | |
| 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 | Housing/infrastructure/transport/regions/energy/culture |
| Powers over criminal justice to be devolved to Greater Manchester and Greater London Assembly to retain business rates | Powers over criminal justice to be devolved to Greater Manchester and Greater London Assembly to retain business rates |
| 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 | £700m for flood defences schemes, including projects in York, Leeds, Calder Valley, Carlisle and across Cumbria |
| Tolls on Severn River crossings between England and Wales to be halved by 2018 | Tolls on Severn River crossings between England and Wales to be halved by 2018 |
| £115m to tackle rough sleeping and homelessness, funding 2,000 places | |
| 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 tax relief for museums to boost temporary and touring exhibitions | |
| New Shakespeare for the North theatre in Knowsley, Merseyside | New Shakespeare for the North theatre in Knowsley, Merseyside |