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Version 10 | Version 11 |
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At-a-glance: Budget key points | At-a-glance: Budget key points |
(40 minutes later) | |
Here are the key points of Chancellor Alistair Darling's 2010 Budget, the last one before the general election. | Here are the key points of Chancellor Alistair Darling's 2010 Budget, the last one before the general election. |
FUEL, CIGARETTES AND ALCOHOL DUTIES | FUEL, CIGARETTES AND ALCOHOL DUTIES |
3p fuel duty rise to be phased in in three stages between April and January 2011 rather than in one go next month | 3p fuel duty rise to be phased in in three stages between April and January 2011 rather than in one go next month |
COMPLETE BUDGET DOCUMENTS Budget 2010 - Securing the recovery [3.55MB] Hosted by Direct.gov.uk | COMPLETE BUDGET DOCUMENTS Budget 2010 - Securing the recovery [3.55MB] Hosted by Direct.gov.uk |
Most computers will open PDF documents automatically, but you may need Adobe Reader | Most computers will open PDF documents automatically, but you may need Adobe Reader |
Download the reader here | Download the reader here |
Cider duty to rise by 10% above inflation from midnight on Sunday | Cider duty to rise by 10% above inflation from midnight on Sunday |
Wine, beer and spirit duties to rise by 2% from midnight on Sunday and further 2% rise planned for two years from 2013 | Wine, beer and spirit duties to rise by 2% from midnight on Sunday and further 2% rise planned for two years from 2013 |
Tobacco duty up 1% from midnight on Sunday and by 2% in real terms each year until 2014 | Tobacco duty up 1% from midnight on Sunday and by 2% in real terms each year until 2014 |
HOUSING | HOUSING |
Stamp Duty scrapped for homes below £250,000 for first-time buyers, but only for two years | |
Stamp duty on residential property sales over £1m to increase to 5% from April 2011 | Stamp duty on residential property sales over £1m to increase to 5% from April 2011 |
The most expensive properties in each area will be excluded from Housing Benefit calculations | The most expensive properties in each area will be excluded from Housing Benefit calculations |
UK ECONOMY | UK ECONOMY |
Economy contracted 6% during the recession | Economy contracted 6% during the recession |
Predicted growth of 1% to 1.25% in 2010, in line with forecasts | Predicted growth of 1% to 1.25% in 2010, in line with forecasts |
2011 growth forecast lowered from 3.5% to 3-3.5% | 2011 growth forecast lowered from 3.5% to 3-3.5% |
BORROWING | BORROWING |
Borrowing this year forecast to be £167bn - £11bn lower than predicted in December | Borrowing this year forecast to be £167bn - £11bn lower than predicted in December |
Borrowing to fall from £163bn in 2010-11 to £74bn by 2014-15 | Borrowing to fall from £163bn in 2010-11 to £74bn by 2014-15 |
Public sector net debt to reach 54% of gross domestic product this year, increasing to 75% in 2014/15. | Public sector net debt to reach 54% of gross domestic product this year, increasing to 75% in 2014/15. |
HELP FOR BUSINESS | HELP FOR BUSINESS |
£2.5bn package for small business to boost skills and innovation | £2.5bn package for small business to boost skills and innovation |
One year business rate cut from October to help 500,000 companies | One year business rate cut from October to help 500,000 companies |
Investment allowance for small firms doubled to £100,000 | Investment allowance for small firms doubled to £100,000 |
Doubling relief on capital gains tax for entrepreneurs but no change to capital gains tax rates | Doubling relief on capital gains tax for entrepreneurs but no change to capital gains tax rates |
£385m to maintain road network | £385m to maintain road network |
Canals body British Waterways to become charitable trust not sold off | Canals body British Waterways to become charitable trust not sold off |
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 |
Basic bank account guarantee for a million extra people | Basic bank account guarantee for a million extra people |
RBS and Lloyds Bank Group to provide £94bn in small business loans | RBS and Lloyds Bank Group to provide £94bn in small business loans |
Backs tax on bank transactions but on global basis | Backs tax on bank transactions but on global basis |
New service to adjudicate credit disputes | New service to adjudicate credit disputes |
JOBS AND TRAINING | JOBS AND TRAINING |
Six month work or training guarantee for under 24s extended to 2012 | Six month work or training guarantee for under 24s extended to 2012 |
Amount of time over-65s must work to receive work credits reduced | Amount of time over-65s must work to receive work credits reduced |
OTHER TAXES AND ALLOWANCES | OTHER TAXES AND ALLOWANCES |
Tax allowances for those on over £100,000 gradually removed. No changes to allowances for everyone else. | Tax allowances for those on over £100,000 gradually removed. No changes to allowances for everyone else. |
Annual limits on Individual Savings Acounts (ISAs) will rise from £7,200 to £10,200 next month. | Annual limits on Individual Savings Acounts (ISAs) will rise from £7,200 to £10,200 next month. |
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 |
Clampdown on tax avoidance to raise £500m | Clampdown on tax avoidance to raise £500m |
New tax agreements with Belize, Grenada and Dominica | New tax agreements with Belize, Grenada and Dominica |
GOVERNMENT SAVINGS | GOVERNMENT SAVINGS |
On track to achieve £11bn efficiency savings target by 2012-3 | On track to achieve £11bn efficiency savings target by 2012-3 |
Reform of housing benefit to save £250m | Reform of housing benefit to save £250m |
15,000 civil servants to be relocated outside London | 15,000 civil servants to be relocated outside London |
As part of £343m cuts to the Ministry of Justice budget, the Courts Service and the Tribunals Service will be merged and 20 magistrates courts closed | As part of £343m cuts to the Ministry of Justice budget, the Courts Service and the Tribunals Service will be merged and 20 magistrates courts closed |
ENVIRONMENT | ENVIRONMENT |
£2bn investment bank to back low-carbon industries such as offshore wind. Government to provide £1bn through asset sales | £2bn investment bank to back low-carbon industries such as offshore wind. Government to provide £1bn through asset sales |
EDUCATION | EDUCATION |
Funding for 20,000 new university places in science and maths but institutions must make savings elsewhere | Funding for 20,000 new university places in science and maths but institutions must make savings elsewhere |
£35m enterprise fund to help university-launched businesses | £35m enterprise fund to help university-launched businesses |
PENSIONS AND BENEFITS | PENSIONS AND BENEFITS |
Winter fuel allowance rates extended for further year | Winter fuel allowance rates extended for further year |
£4 rise in child tax credit for parents with young children from 2012 | £4 rise in child tax credit for parents with young children from 2012 |