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Version 0 | Version 1 |
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At-a-glance: Budget key points | At-a-glance: Budget key points |
(10 minutes later) | |
Chancellor Alistair Darling is delivering his third Budget and the last one before the general election. The key points will appear on this page as they are announced: | Chancellor Alistair Darling is delivering his third Budget and the last one before the general election. The key points will appear on this page as they are announced: |
FUEL, CIGARETTES AND ALCOHOL AND FUEL DUTIES | FUEL, CIGARETTES AND ALCOHOL AND FUEL DUTIES |
3p fuel duty rise to be phased in between April and January 2011 | 3p fuel duty rise to be phased in between April and January 2011 |
Duty on cider to rise by 10% above inflation from Sunday | |
Wine, beer and spirit duty up 2% a year until 2013 | Wine, beer and spirit duty up 2% a year until 2013 |
Tobacco duty up 1% this year and 2% a year in future years | Tobacco duty up 1% this year and 2% a year in future years |
HOUSING | HOUSING |
Stamp duty scrapped for homes below £250,000 for first-time buyers | Stamp duty scrapped for homes below £250,000 for first-time buyers |
Stamp duty on residential property sales over £1m to increase to 5% | Stamp duty on residential property sales over £1m to increase to 5% |
UK ECONOMY | UK ECONOMY |
Economy contracted 6% during the recession | Economy contracted 6% during the recession |
Predicted growth of 1-1.25% in 2010, in line with forecasts | Predicted growth of 1-1.25% in 2010, in line with forecasts |
Downgrades growth forecast for 2011 to 3-3.5% | Downgrades growth forecast for 2011 to 3-3.5% |
HELP FOR BUSINESS | HELP FOR BUSINESS |
£2.5bn support for small business to boost skills and innovation | £2.5bn support for small business to boost skills and innovation |
One year business rate cut from October to help 500,000 companies | |
Investment allowance for small firms doubled to £100,000 | |
Doubling relief on capital gains tax for entrepreneurs | |
No change to capital gains tax rates | |
£385m to maintain road network | |
BANK LENDING | BANK LENDING |
One-off bank bonus tax has raised £2bn, double the amount forecast | One-off bank bonus tax has raised £2bn, double the amount forecast |
Backs tax on bank transactions but on global basis | Backs tax on bank transactions but on global basis |
A million extra people guaranteed basic bank account | A million extra people guaranteed basic bank account |
RBS and Lloyds Bank Group to provide £94bn in small business loans | |
New service to adjudicate credit disputes | |
JOBS AND TRAINING | JOBS AND TRAINING |
Amount of time over-65s have to work to receive work credits reduced | |
Six month work or training guarantee for under 24s extended to 2012 | Six month work or training guarantee for under 24s extended to 2012 |
BORROWING | BORROWING |
Borrowed £167bn in 2009-10, £11bn lower than previously forecast | Borrowed £167bn in 2009-10, £11bn lower than previously forecast |
Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15 | Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15 |
OTHER TAXES AND ALLOWANCES | OTHER TAXES AND ALLOWANCES |
No changes to VAT or income tax planned | No changes to VAT or income tax planned |
Inheritance tax threshold frozen for four years | Inheritance tax threshold frozen for four years |
GOVERNMENT SAVINGS | GOVERNMENT SAVINGS |
On track to achieve £11bn efficiency savings target | |
Reform of housing benefit to save £250m | |
15,000 civil servants to be relocated outside London | |
ENVIRONMENT | ENVIRONMENT |
£2bn investment bank to back low-carbon industries | |
BENEFITS AND PENSIONS | BENEFITS AND PENSIONS |