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Forums - General - The Budget

SciFiBoy on 22 April 2009

source: http://news.bbc.co.uk/1/hi/uk_politics/8011882.stm

At-a-glance: Budget 2009

These are the areas where Alistair Darling is making significant announcements in Wednesday's Budget. This at-a-glance guide will be updated with the key points as he speaks:

CIGARETTES AND ALCOHOL

• Alcohol and cigarettes taxes to go up 2% from midnight - one estimate is that it would put 5p on the average pint of beer

• Fuel duty to rise by 2p per litre from September

CAR SCRAPPAGE SCHEME

• From next month until March 2010 motorists to get £2,000 discount on new cars if they trade in cars older than 10 years

TAX
  • Income tax for those earning more than £150,000 to rise to 50% from April 2010
  • Tax relief on pensions to be reduced for people on more than £150,000 a year
    • UK ECONOMY

    • Economy forecast to shrink 3.5% in 2009

    • Growth expected to pick up in 2010, expanding by 1.25%.

    • Economy to grow by 3.5% annually from 2011

    • Public borrowing to increase to £175bn this year

    • Borrowing levels to rise by £173bn, £140bn, £118bn and £97bn in years after

    • Consumer price inflation to fall to 1% by end of year.

    JOBS AND TRAINING

    • Government support for economy to protect 500,000 jobs

    • All long-term unemployed under 25s to be offered job or training

    • £1.7bn additional resources for Job Centre network

    • £250m funding to help people get work experience in growth industries

    • Funding to create 54,000 new places in sixth form education

    HOUSING

    • Scheme to guarantee mortgage backed securities to boost lending

    • Stamp duty holiday for homes up to £175,000 to be extended to end of year

    • Extra £80m for shared equity mortgage scheme

  • £500m to kickstart stalled housing projects
  • £100m for local authorities to build energy efficient homes
  • £50m to upgrade housing for the armed forces
    • GOVERNMENT SAVINGS

    • An extra £9bn in efficiency savings is planned

    • Public spending to be cut from 1.1% next year to 0.7% in 2011-2012

    BENEFITS
  • Child tax credit to rise by £20 by 2010
  • Child trust funds for disabled children to rise by £100 a year, £200 a year for severely disabled children
    • SAVINGS
  • Annual limit for tax-free ISAs to rise to more than £10,000 for over-50s this year and for everyone else next year
    • ENVIRONMENT
  • £525m for offshore wind projects
  • £435m support for energy efficiency schemes
    • HELP FOR BUSINESS
  • Loss-making companies to be able to reclaim more taxes paid in the last three years
    • PENSIONERS
  • Grandparents of working age who care for their grandchildren will see that work count towards their entitlement for the basic state pension
  • Winter fuel allowance to be maintained at higher level - £250 for over 60s and £400 for over-80s - for another year
  • The basic state pension will be increased by at least 2.5%, regardless of inflation

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    GamingChartzFTW on 22 April 2009

     

    While we're at it, let's convert to the metric system and 'join the Euro' :D

     



    SciFiBoy on 22 April 2009

    watching live on the BBC now, pmq's are the same as normal, but the budget speech is in 10 minuetes or so, i hope they dont cut public spending or raise taxes on the poor/middle earners.

    @GamingChartzFTW

    i think we should join the euro, but i cant see that happening today



    SciFiBoy on 22 April 2009

    Update: VAT cut extended to december



    SciFiBoy on 22 April 2009

    Update: additional £1.7bn to be put into employment support



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    highwaystar101 on 22 April 2009

    We all know they are going to say two hundred billion in debt and the baking industry has all but collapsed.



    SciFiBoy on 22 April 2009

    EDIT: i updated the OP now the speech is finished



    SciFiBoy on 22 April 2009

    my reaction:

    tax rises - im fairly pleased with thoose anounced as most wont affect me (other than alcohol duty) and im glad that its the rich who will see the main rises

    car scrap scheme - good, but more pressure on car companys to make greener cars is also needed imo

    economic projections - better than i thought

    jobs and training - good measures from what i can tell

    housing - good, but why not create more council housing?

    benefits - good

    savings - meh

    enviroment - baby steps, should be alot more

    help for bussiness - dont know enough about it to comment yet

    pensioners - the new measures seem fine





    highwaystar101 on 22 April 2009

    My opinion:

    We're f**ked



    SciFiBoy on 22 April 2009
    highwaystar101 said:
    My opinion:

    We're f**ked

     

    lol, not yet, but after the next election...