At-a-glance: Budget 2009
Chancellor Alistair Darling has delivered his second Budget, amid signs of global recession, massive government debt and a struggling UK economy.
CIGARETTES, ALCOHOL AND FUEL
• Alcohol taxes to go up 2% from midnight - putting the price of the average pint up 1p
• Tax on tobacco to go up by 2% from 6pm - equivalent to an extra 7p on a pack of 20 cigarettes
• Fuel duty to rise by 2p per litre from September, then by 1p a litre above inflation each April for the next four year
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
• They will have to show they been the registered keeper of the vehicle for the previous 12 months before ordering the new car
• The government will provide £1,000 with the industry expected to provide the other half
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 from April 2011
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 be £173bn, £140bn, £118bn and £97bn in years after
• Consumer price inflation to fall to 1% by end of year. Retail Price Index to go to -3% by September.
• Capital investment to continue at historically high levels until 2012
JOBS AND TRAINING
• Government support for economy to protect 500,000 jobs
• Statutory redundancy pay up from £350 to £380 a week
• Extra support for people who have been out of work for 12 months through the flexible new deal
• From January all under-25s out of work for a year to be offered a job or training place with extra money on top of benefits for those in training
• £1.7bn extra funding 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 kick-start stalled housing projects - including £100m for local authorities to build energy efficient homes
• £50m to upgrade housing for the armed forces
GOVERNMENT SAVINGS
• Tax loopholes and schemes identified which could provide £1bn of extra revenue over the next three years if closed
• An extra £9bn in efficiency savings is planned
• Public spending growth to be cut from 1.1% next year to 0.7% from 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 £10,200 for over-50s this year and for everyone else next year. Of that amount £5,100 can be saved in cash
ENVIRONMENT
• Britain commits to cut carbon emissions by 34% by 2020
• An extra £1bn to help combat climate change by supporting low-carbon industries
• £525m for offshore wind projects over the next two years
• £435m support for energy efficiency schemes for homes, firms and public buildings
• £405m to encourage low-carbon energy and advanced green manufacturing
HELP FOR BUSINESS
• Help for loss-making companies extended - they will be able to reclaim more taxes paid in the last three years until November 2010
• Businesses' main capital allowance rate doubled to 40% to encourage firms to bring forward investment
• New £750m strategic investment fund to help emerging technologies and regionally important sectors
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
• From November the limit on savings pensioners can have before their Pension Credits are reduced is to be raised from £6,000 to £10,000 to help those hit by low interest rates. It will mean an average of £4 extra a week, says the chancellor
Source : bbc.co.uk Thursday 23rd April 2009
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