Budget 2012: key points at-a-glance
Here is a summary of the main announcements in George Osborne's Budget speech.
PA Wire
TAX
- The 50p tax rate will be reduced to 45p in April 2013
- The point at which people start paying income tax will be raised to £9,205 from April 2013; it is currently £7,475 and will go up to £8,105 in April 2012
CHILD BENEFIT
- Only those with income over £60,000 to lose all child benefits
- Will be phased out when someone in a household has an income of more than £50,000. It will fall by 1% for every £100 earned over £50,000
FUEL, CIGARETTE AND ALCOHOL DUTIES
- Extra 37p on packet of cigarettes from 6pm tonight
- No change to existing plans on alcohol duty
- No change to existing plans on fuel duty
PENSIONS
- A single tier pension, at a minimum of £140, to be introduced
- Automatic review of state pension age to be introduced
ECONOMIC FORECASTS
- UK economy is forecast to grow 0.8% in 2012
- The forecast for 2013 is 2%, for 2014 is 2.7%, and for both 2015 and 2016 is 3%
- Inflation is forecast to fall to 2.8% in 2012, and to 1.9% in 2013
STAMP DUTY
- Stamp duty on properties worth over £2 million to increase to 7% from midnight
- Any such homes bought through companies will pay 15%
JOBS AND EMPLOYMENT
- Sunday trading laws to be relaxed for eight weekends beginning 22 July
- Independent Pay Review bodies to look at introducing regional pay for public sector
BUSINESS AND INDUSTRY
- Corporation tax will be cut to 24% from April 2012, falling to 22% by 2014
- Tax relief for the video games, animation and high-end television production sectors
- Government to consider enterprise loans for young people to start their own business
INVESTMENT
- Extra funding for ultra-fast broadband and wifi in 10 of UK's largest cities
- Investment in railways in north-west England to be increased
- Airport expansion options to be outlined later this summer, including review of south-east airport capacity
BORROWING
- Government borrowing this year to be £126bn - £1bn less than forecast
- Forecast to fall to £21bn by 2016-17
So they can have a years more tax off you why else?
Reference the predition about growth I think nearly every developed country got their growth rates wrong. Because no one knew in 2009 how bad the banks and stock markets had cocked up and were allowed to by their associated governments. Will still be years before we get sorted. Especially if more Euro countries **** up and China is allowed to keep its money value so low
At least previous governments gave you something to take off you this bunch of cretins can't even do that .
But that is what happens when well off middle England win elections disgusted just disgusted .
I am encouraging my 12 year old son to find a future outside of this miserable country because it is well and truly finished
Look, whatever country you are in the problems are the same! People voted this government in so people need to deal with it. Either accept it or start an uprising!
Either way the only way we can get out of this mess(a stronger word would be edited) is to start backing the country and making it a wonderful place again.
DON'T say that you can not do this as you are a little person in the machine, even the smallest cog can upset and change the balance! So gripe and moan OR Get a grip and start the change!
Although I get as frastrated as the next about the rich getting richer and how its always the lower classes that suffer more, I'm also aware that the rich employ most of us working folk, whether directly or indirectly so we need to make sure they stay in the uk and not move out as many are doing.
It makes no bloody difference as to who is in power, they ALL give with one hand and take more with the other.
This budget sucks as does our government !.
37p on a packet of cigarettes, that's a joke. When everybody has stopped smoking because they can't afford them then where is the government going to get the tax from..........motorists, again !
Stop sending our taxes to other countries and look after the people who pay the taxes.
We have a lot of unemployed people but we also have a lot of non-british people employed ?, how does that work ?
Sort out imigration, sort out the justice system and stop giving/wasting our money.
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