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The Budget


The King

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FUEL, CIGARETTES AND ALCOHOL AND FUEL DUTIES

3p fuel duty rise to be phased in between April and January 2011

Duty on cider to rise by 10% from Sunday

Wine, beer and spirit duty up 2% a year until 2013

Tobacco duty up 1% this year and 2% a year in future years

HOUSING

Stamp duty scrapped for homes below £250,000 for first-time buyers

Stamp duty on residential property sales over £1m to increase to 5%

UK ECONOMY Economy contracted 6% during the recession

Predicted growth of 1-1.25% in 2010, in line with forecasts

Downgrades growth forecast for 2011 to 3-3.5%

HELP FOR BUSINESS

£2.5bn support for small business to boost skills and innovation

BANK LENDING One-off bank bonus tax has raised £2bn, double the amount forecast

Backs tax on bank transactions but on global basis

A million extra people guaranteed basic bank account

JOBS AND TRAINING

Reduce time over-65s have to work to receive work credits

Six month work or training guarantee for under 24s extended to 2012

BORROWING

Borrowed £167bn in 2009-10, £11bn lower than previously forecast

Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15

OTHER TAXES AND ALLOWANCES

No changes to VAT or income tax planned

Inheritance tax threshold frozen for four years

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

£2bn investment bank to back low-carbon industries

EDUCATION Funding for 20,000 new university places in science and maths

£35m enterprise fund to help university-launched businesses

PENSIONS AND BENEFITS Winter fuel allowance rates extended for further year

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