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Darling in stamp duty Budget move Darling unveiling pre-poll Budget
(20 minutes later)
Chancellor Alistair Darling is to announce stamp duty will be scrapped on house purchases up to £250,000 for first-time buyers, the BBC understands. Chancellor Alistair Darling is on his feet in the Commons as he delivers the final Budget before a general election.
He will also phase in planned fuel duty rises in his final Budget statement before Britain goes to the polls. He is under pressure to set out plans to cut Britain's record Budget deficit and has ruled out a pre-poll giveaway.
Mr Darling is under pressure to cut Britain's record deficit and has ruled out a pre-election giveaway. But he is expected to end stamp duty on house sales of up to £250,000 for first time buyers and delay fuel price rises.
The Tories said Labour had "run out of ideas". The Lib Dems urged more honesty on the scale of cuts needed. Tory leader David Cameron said Labour was not being honest about the "mess we are in" and had run out of ideas. The Lib Dems demanded more specifics.
Mr Darling will begin his Budget speech at 1230 GMT after the weekly session of prime minister's questions. EXPECTED ANNOUNCEMENTS Deficit not as big as predictedFirst time buyers stamp duty cutPlanned petrol duty rise staggeredForce state banks to lend moreCrackdown on tax evasionStrong cider and alcopop tax hikeGrowth package to boost jobsBank accounts for all citizensGreen investment fund class="" href="/2/hi/uk_news/politics/8584505.stm">Live: Text and video class="" href="/2/hi/uk_news/politics/8584608.stm">At-a-glance: The key points class="" href="/2/hi/uk_news/politics/8579677.stm">The politics of the Budget
During heated exchanges between the party leaders, David Cameron accused the prime minister of a series of mistakes over the economy but Mr Brown said the Tories had got every key decision during the financial crisis and recession wrong. During heated exchanges between the party leaders at prime minister's questions, Mr Cameron accused Gordon Brown of a series of mistakes over the economy but Mr Brown said the Tories had got every key decision during the financial crisis and recession wrong.
Mr Brown said the Budget would show Labour had a vision for the future focused on creating jobs and promoting growth.Mr Brown said the Budget would show Labour had a vision for the future focused on creating jobs and promoting growth.
Some of the more controversial measures in the Budget may not make it into law before polling day, which could be just six weeks away.Some of the more controversial measures in the Budget may not make it into law before polling day, which could be just six weeks away.
But a planned cut in stamp duty would stay in place whoever wins the election, as it is similar to existing Tory policy. A planned cut in stamp duty would stay in place whoever wins the election, as it is similar to existing Tory policy.
Sources have told the BBC that the Chancellor will significantly increase the duty on strong ciders and alcopops in order to tackle binge drinking by young people. Other alcohol duties are expected to rise too. Mr Darling is also expected to significantly increase the duty on strong ciders and alcopops - another Conservative policy - after ruling out a minimum price for alcohol. Other alcohol duties are expected to rise too.
BUDGET 2010 ON THE BBC Follow all the Budget day action as it happens on the BBC News website with all the key points, reaction and analysis before, during and after the chancellor's statement at 1230 GMT.There is a Budget special hosted by Huw Edwards on BBC Two from 1130 GMT until 1500 GMTBBC Radio 4 has a two hour Budget Special from 1200 GMT while BBC Radio 5 Live will focus on the Budget throughout the afternoon.BBC Democracy Live will stream the Budget debate live throughout the day. class="" href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/">Robert Peston's Budget forecast class="" href="http://www.bbc.co.uk/blogs/nickrobinson/2010/03/to_give_away_or.html">Nick Robinson on Darling's choices class="" href="http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2010/03/a_winding_road.html">Stephanie Flanders' analysis If the Conservatives win the election they will produce an "emergency Budget" within 50 days of taking office which could reverse many of Mr Darling's other measures.
Mr Darling is expected to describe his financial statement as "a Budget to secure the recovery and invest in our industrial future". The chancellor is not expected to unveil any new tax increases, with the new 50% top rate of income tax expected to come into force on 1 April.
New tax rises and spending cuts are unlikely to be outlined, ahead of the election. Public spending
But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13. He is also not likely to unveil the full extent of spending cuts needed if Labour is going to stick to its pledge to halve the Budget deficit in four years, with a comprehensive spending review delayed until after the election.
Latest figures suggest that government borrowing for 2009-10 - which had been predicted to reach £178bn - might be nearer £170bn, largely due to lower-than-expected unemployment. But he could set out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.
BBC political editor Nick Robinson said Mr Darling would say he could invest now while staying on course to reduce the deficit, thanks to the unemployment figures, higher taxes on bankers' bonuses and some reprioritising of spending. Latest figures suggest that government borrowing for 2009-10 - which had been predicted to reach £178bn - might be nearer £170bn, largely due to a lower-than-expected bill for unemployment.
The chancellor is expected to outline a plan for the future, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries.
'Growth package'
The BBC's chief economics correspondent Hugh Pym said the financial markets - which have to fund the government's borrowing - will not be impressed if Mr Darling does not reduce the deficit as much as he can.The BBC's chief economics correspondent Hugh Pym said the financial markets - which have to fund the government's borrowing - will not be impressed if Mr Darling does not reduce the deficit as much as he can.
The chancellor is expected to outline plans to boost future economic growth, with billions invested in digital jobs, broadband for all, high-speed rail and biotech industries, using money from existing budgets.
Mr Darling is expected to say: "This will be a budget to secure the recovery, tackle borrowing and invest in our industrial future.Mr Darling is expected to say: "This will be a budget to secure the recovery, tackle borrowing and invest in our industrial future.
We cannot afford to run the risk that the Tories would offer of snuffing out this recovery Lord MynersCity minister The politics of the Budget
"At its heart is a growth package to help small business, promote innovation, invest in national infrastructure and key skills."At its heart is a growth package to help small business, promote innovation, invest in national infrastructure and key skills.
"This package will be partially paid for by switching spending from within existing allocations.""This package will be partially paid for by switching spending from within existing allocations."
On Tuesday, City minster Lord Myners said there would be measures to force British banks to offer basic accounts to every UK adult, to address what the government describes as the "financial exclusion" of poor and disadvantaged Britons. 'Sensible'
He told the BBC it would be "a budget which will help the economy through the early stages of recovery. We cannot afford to run the risk that the Tories would offer of snuffing out this recovery". Other predictions for the Budget include moves to force state-owned banks to increase lending by more than £80bn, a crackdown on tax evasion by wealthy investors, measures to force banks to offer all citizens a bank account and a green investment fund to finance projects such as wind farms and renewable energy.
Tax evasion
Other predictions for the Budget include moves to force state-owned banks to increase lending by more than £80bn, a crackdown on tax evasion by wealthy investors and a green investment fund to finance projects such as wind farms and renewable energy.
There has also been speculation that Mr Darling might choose to provide extra help for young unemployed people.There has also been speculation that Mr Darling might choose to provide extra help for young unemployed people.
Where are the famous red boxes made?Where are the famous red boxes made?
The chancellor told the BBC at the weekend there would be no "giveaways" and people wanted "a sensible, workmanlike Budget". He also said a rise in VAT was "not on the table".The chancellor told the BBC at the weekend there would be no "giveaways" and people wanted "a sensible, workmanlike Budget". He also said a rise in VAT was "not on the table".
Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%.Labour and the Conservatives have clashed over when the government should start reducing spending to tackle the budget deficit, which is among the highest in Europe and is expected to hit about 12.6% of GDP this financial year - well above the EU target of 3%.
Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough.Last week the European Commission criticised the government's plans to halve the deficit in four years, saying they were not ambitious enough.
On Wednesday, Conservative leader David Cameron said Labour had made a "complete mess of the economy and had no plans to clear it up". Conservative leader David Cameron has called on the government to scrap its plans to increase public spending this year and warned that without prompt action to tackle the deficit, Britain risks entering the "danger zone" of rising interest rates and falling confidence on the money markets.
"That will have to wait until the next government," he said. He said: "The choice is between a government which has completely run out of steam, completely run out of ideas, is not being honest about the mess we're in and has got no plans to clear it up, and a Conservative Party that's got the energy, the dynamism, the leadership to get the economy moving again.
If the Conservatives win the election they will produce an "emergency Budget" within 50 days of taking office which could reverse many of Mr Darling's policies. "That's what we need, is to get this economy growing, get things going again. And that's what our Budget will do straight after the election."
Lib Dem Treasury spokesman Jeremy Browne said the stamp duty move was politically driven. Lib Dem Treasury spokesman Vince Cable told the BBC on Tuesday: "One of the key tests of the government tomorrow is whether they are willing to be specific, willing to be open about what they are going to cut."
"Every time Alistair Darling stands up and says he's giving a bit more to...whatever group it is he has identified in his focus groups and opinion polling might help swing some Labour marginal seats, just remember that it is all borrowed money that he is giving to those people," he said. Meanwhile, the Public and Commercial Services union will stage their first Budget day strike - union members are expected to mount picket lines outside the Treasury, Downing Street and Parliament in a row over redundancy pay.
Meanwhile, the Public and Commercial Services union is staging its first Budget day strike, with members mounting picket lines outside the Treasury in a row over redundancy pay.
Further demonstrations are expected outside Downing Street and Parliament.
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