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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 DUTIESFUEL, CIGARETTES AND ALCOHOL AND FUEL DUTIES
3p fuel duty rise to be phased in between April and January 20113p fuel duty rise to be phased in between April and January 2011
Duty on cider to rise by 10% from Sunday Duty on cider to rise by 10% above inflation from Sunday
Wine, beer and spirit duty up 2% a year until 2013Wine, beer and spirit duty up 2% a year until 2013
Tobacco duty up 1% this year and 2% a year in future yearsTobacco duty up 1% this year and 2% a year in future years
HOUSINGHOUSING
Stamp duty scrapped for homes below £250,000 for first-time buyersStamp 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 ECONOMYUK ECONOMY
Economy contracted 6% during the recessionEconomy contracted 6% during the recession
Predicted growth of 1-1.25% in 2010, in line with forecastsPredicted 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 BUSINESSHELP 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 LENDINGBANK LENDING
One-off bank bonus tax has raised £2bn, double the amount forecastOne-off bank bonus tax has raised £2bn, double the amount forecast
Backs tax on bank transactions but on global basisBacks tax on bank transactions but on global basis
A million extra people guaranteed basic bank accountA 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 TRAININGJOBS AND TRAINING
Reduce time over-65s have to work to receive work credits Amount of time over-65s have to work to receive work credits reduced
Six month work or training guarantee for under 24s extended to 2012Six month work or training guarantee for under 24s extended to 2012
BORROWINGBORROWING
Borrowed £167bn in 2009-10, £11bn lower than previously forecastBorrowed £167bn in 2009-10, £11bn lower than previously forecast
Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15
OTHER TAXES AND ALLOWANCESOTHER TAXES AND ALLOWANCES
No changes to VAT or income tax plannedNo changes to VAT or income tax planned
Inheritance tax threshold frozen for four yearsInheritance tax threshold frozen for four years
GOVERNMENT SAVINGSGOVERNMENT 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
ENVIRONMENTENVIRONMENT
£2bn investment bank to back low-carbon industries
BENEFITS AND PENSIONSBENEFITS AND PENSIONS