George Osborne rises to release details of his budget at 12.30pm on Wednesday March 20th, in a noisy and more disruptive atmosphere than usual, that appears to have been leaked in total to the Evening Standard.
These are the main points of an "Aspirational" budget.
- Growth in the UK
is seen as higher than France and Germany at 1.8% in 2014, rising to 1.8%
in 2016.
- The Private
Sector has created 6 jobs for every 1 job lost in the Public sector.
- Public borrowing has fallen from 11.4% of GDP to 7.4% in 2013.
- Government
department finances to be cut by a further 1%. NHS and education not affected.
- Libor fine money
going to support worthy military causes to benefit the individuals.
- Tax breaks to
come for companies investing and exploring for the controversial Shale Gas .
- Corporation Tax
to be reduced by a further 1% to 20%, from April 2015, the lowest in
senior economies globally.
- Capital Gains
tax relief for employees buying businesses from their employees.
- Tax Free Child
Care vouchers worth 20% of the first £6,000 per child.
- Government
trying to close tax avoidance loopholes, agreements in place with Isle of
Man, Guernsey and Jersey to bring in £1bn.
- Housing - Equity sharing schemes to be made
available for first time buyers that can finance the 20% deposit needed.
- Pensions - Flat
rate to be brought forward to 2016.
- Beer duty cut by
1p per pint.
- Proposed increase in petrol duty scrapped.
- Income tax band
to be raised to £10,000 from April 2014.
- Employment
Allowance. The first £2,000 of National Insurance will not need to be paid
for a company taking on a member of staff, promoting employment.