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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 AND FUEL DUTIES FUEL, CIGARETTES AND ALCOHOL DUTIES
3p fuel duty rise to be phased in between April and January 2011 3p fuel duty rise to be phased in in three stages between April and January 2011 rather than in one go next month.
Duty on cider to rise by 10% above inflation from Sunday COMPLETE BUDGET DOCUMENTS class="" href="http://www.direct.gov.uk/fullbudgetreport2010">Budget 2010 - Securing the recovery [3.55MB] Most computers will open PDF documents automatically, but you may need Adobe Reader href="http://www.adobe.com/products/acrobat/readstep2.html">Download the reader here
Wine, beer and spirit duty up 2% a year until 2013 Cider duty to rise by 10% above inflation from midnight on Sunday.
Tobacco duty up 1% this year and 2% a year in future years 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
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% from April 2011
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 forecasts Predicted growth of 1% to 1.25% in 2010, in line with forecasts
Downgrades growth forecast for 2011 to 3-3.5% 2011 growth forecast lowered from 3.5% to 3-3.5%
BORROWINGBORROWING
Borrowing this year forecast to be £167bn - £11bn lower than expected Borrowing this year forecast to be £167bn - £11bn lower than predicted in December
Borrowing to fall from £163bn in 2010-11 to £74bn by 2014-15Borrowing 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.
HELP FOR BUSINESSHELP FOR BUSINESS
£2.5bn support 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 companiesOne year business rate cut from October to help 500,000 companies
Investment allowance for small firms doubled to £100,000Investment allowance for small firms doubled to £100,000
Doubling relief on capital gains tax for entrepreneursDoubling relief on capital gains tax for entrepreneurs
No change to capital gains tax ratesNo change to capital gains tax rates
£385m to maintain road network£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 basis Basic bank account guarantee for a million extra people
Basic bank account guaranteed for a million extra people
RBS and Lloyds Bank Group to provide £94bn in small business loansRBS and Lloyds Bank Group to provide £94bn in small business loans
Backs tax on bank transactions but on global basis
New service to adjudicate credit disputesNew service to adjudicate credit disputes
JOBS AND TRAININGJOBS AND TRAINING
Six month work or training guarantee for under 24s extended to 2012Six month work or training guarantee for under 24s extended to 2012
Amount of time over-65s have to work to receive work credits reduced Amount of time over-65s must work to receive work credits reduced
OTHER TAXES AND ALLOWANCESOTHER TAXES AND ALLOWANCES
Tax allowances for those earning over £100,000 gradually removed Tax allowances for those on over £100,000 gradually removed. No changes to allowances for everyone else.
Limits on Individual Savings Accounts to rise in line with inflation
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
Clampdown on tax avoidance to raise £500mClampdown on tax avoidance to raise £500m
New tax agreements with Belize, Grenada and DominicaNew tax agreements with Belize, Grenada and Dominica
GOVERNMENT SAVINGSGOVERNMENT SAVINGS
On track to achieve £11bn efficiency savings targetOn track to achieve £11bn efficiency savings target
Reform of housing benefit to save £250mReform of housing benefit to save £250m
15,000 civil servants to be relocated outside London15,000 civil servants to be relocated outside London
ENVIRONMENTENVIRONMENT
£2bn investment bank to back low-carbon industries £2bn investment bank to back low-carbon industries such as offshore wind. Government to provide £1bn through asset sales
EDUCATIONEDUCATION
Funding for 20,000 new university places in science and maths 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 BENEFITSPENSIONS AND BENEFITS
Winter fuel allowance rates extended for further yearWinter fuel allowance rates extended for further year
£4 rise in child tax credit for parents with young children from 2012