Conservative Diary

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Budget announcements

On another blog we list Budget arguments.

Screen shot 2011-03-23 at 12.38.16 Growth this year will be 1.7%; lower than originally forecast because of rising global commodity prices. Growth will be 2.5%, 2.9%, 2.9% and 2.8% in 2012, 2013, 2014 and 2015.

Borrowing for this year will be £146bn - £2bn below target but debt as a percentage of GDP will fall from 2015/16.

Chancellor abolishes 43 special tax relief measures.

From April 2012 uprating of income tax thresholds will be by CPI.

A consulation on merging the operation of income tax and National Insurance is to be launched but it will take many years to deliver.

From April this year corporation tax will be cut by 2%, not 1%. Bank levy will be adjusted upwards so that banks don't benefit from this change.

Planning and regulatory reforms announced but little detail.

Non-dom charge to rise from £30,000 to £50,000 but no further changes .

At a cost of £370 million rate holiday for small firms will last one more year.

£250 million package for first-time buyers.

£100 million for science facilities in addition to budget protection last year.

£100 million to help councils repair potholes.

21 new Enterprise Zones will be created in urban areas of greatest social need. Ten more than expected.

Petrol duty cut by 1p from 6pm tonight.

Green taxes will increase as a percentage of national income. Asset sales will provide £2 billion extra for Green Investment Bank to back projects that are too long-term or risky for private sector.

Government will double number of university technical colleges to at least 24.

50,000 more apprenticeships (in addition to 75,000 extra announced last year which will bring total to about 400,000).

No cherry-picking from Hutton report. The Chancellor confirms 3% rise in contributions for public sector.

£140 pension-for-all-new-retirees will be introduced in due course.

Gift Aid relief increased from an upper limit of £500 to £2,500. Most generous reforms for chartities in 20 years - in Chancellor's words - including automatic tax relief on giving via collecting tins and inheritance tax reduction for those giving away 10% of estate to charity.

Tax avoidance measures will produce £4 billion extra revenue this year.

From April next year personal tax allowance will increase by further £630 to £8,105. 1.1 million lower-paid people will be taken out of income tax altogether.

Air Passenger Duty frozen for one year. Private jets will be brought into tax system.

1pm cut in petrol tax from 6pm tonight. Fuel duty escalator cancelled. Fuel duty stabiliser will be introduced.


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