At-a-glance: Budget 2009

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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

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

[snorty1uk]

Not as bad as expected!

I thought Fuel Liquor & Cigarettes would be hit more!