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Darling in stamp duty Budget move Darling in stamp duty Budget move
(10 minutes later)
Chancellor Alistair Darling is to announce in the Budget that stamp duty will be scrapped on house purchases up to £250,000 for first-time buyers.Chancellor Alistair Darling is to announce in the Budget that stamp duty will be scrapped on house purchases up to £250,000 for first-time buyers.
The policy, first proposed by the Conservatives in 2007, is expected in what will be the last Budget before the election expected to be held in May.The policy, first proposed by the Conservatives in 2007, is expected in what will be the last Budget before the election expected to be held in May.
A fuel duty rise due next month is also set to be phased in instead.A fuel duty rise due next month is also set to be phased in instead.
The Tories said Labour had made a "complete mess" of the economy while the Lib Dems urged honesty on cuts.The Tories said Labour had made a "complete mess" of the economy while the Lib Dems urged honesty on cuts.
Mr Darling is expected to describe it as "a Budget to secure the recovery and invest in our industrial future".Mr Darling is expected to describe it as "a Budget to secure the recovery and invest in our industrial future".
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. Peston's Budget forecastBUDGET 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. Peston's Budget forecast
New tax rises and spending cuts are unlikely to be outlined, ahead of the election expected to be held on 6 May.New tax rises and spending cuts are unlikely to be outlined, ahead of the election expected to be held on 6 May.
But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.But Mr Darling might spell out more details of where the government expects to make £11bn of public sector efficiency savings by 2012/13.
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.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.
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.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.
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.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''Growth package'
The Treasury is refusing to comment on reports about stamp duty. But if announced it would be similar to Tory proposals for first time buyers.The Treasury is refusing to comment on reports about stamp duty. But if announced it would be similar to Tory proposals for first time buyers.
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.
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 BudgetWe 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.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.
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".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".
Tax evasionTax 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.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".On Wednesday, Conservative leader David Cameron said Labour had made a "complete mess of the economy and had no plans to clear it up".
"That will have to wait until the next government," he said."That will have to wait until the next government," he said.
Mr Camerom, who has promised to hold an emergency Budget within 50 days if the Tories win power, said that only his party offered the energy and the dynanism to get the economy "moving again". Mr Cameron, who has promised to hold an emergency Budget within 50 days if the Tories win power, said that only his party offered the energy and the leadership to get the economy "moving again".
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."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."
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 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.
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