BUDGET SPECIAL 2013: CHANCELLOR’S KEY POINTS AT A GLANCE

Chancellor George Osborne puts finishing touches to his 2013 budget

Chancellor George Osborne puts finishing touches to his 2013 budget

THE key points of Chancellor George Osborne’s Budget on March 20, 2013:

FUEL, ALCOHOL AND CIGARETTES

September’s fuel duty rise scrapped

Beer fuel duty scrapped. 1p off a pint of beer from this Sunday. News welcomed by Pubs of Ulster who say they have been lobbing at home and at Westminster to have beer fuel duty scrapped.

All other alcohol duties to rise by 2 per cent above inflation

INCOME TAX

Personal tax allowance raised to £10,000 in 2014 – a year earlier than planned. 10p tax band reduced zero pence.

HOUSING

‘Help To Buy’ shared equity schemes extended, with interest-free loans up to 20% of value of new-build properties

STATE OF THE ECONOMY

Forecast growth of 0.6% in 2013, downgraded from 1.2% in December

But Office for Budget Responsibility predicts UK will escape recession this year

Growth predicted to be 1.8% in 2014; 2.3% in 2015; 2.7% in 2016 and 2.8% in 2017.

BORROWING

Borrowing of £114bn this year, set to fall to £108bn, £97bn and £87bn in following years

Deficit cut by a third since May 2010

Borrowing as share of GDP to fall from 7.4% in 2013-14 to 5% in 2015-16

Debt as a share of GDP to increase from 75.9% in 2012-13 to 85.1% in 2015-16

JOBS

600,000 more jobs expected this year than at same time last year

Claimant count to fall by 60,000

INFLATION

2% Bank of England target to stay in place

SPENDING AND PAY

Most government departments to see budgets cut by 1% in each of next two years

Schools and NHS will be protected

£11.5bn in further cuts earmarked in 2015-16 Spending Review

1% cap on public sector pay extended to 2015-16 and limits on “progression” pay rises in the sector

Military to be exempt from “progression” pay limits.

Proceeds of Libor banking fines to be given to combat stress charities

TRANSPORT AND INFRASTRUCTURE

£3bn extra for new projects every year from 2015-16 until 2020, total of £15bn

HELP FOR BUSINESS

Corporation tax to be cut by 1% to 20% in 2015

New employment allowance to cut national insurance bills cut by £2,000 for every firm

450,000 small firms will pay no employer national insurance

Government procurement from small firms to rise fivefold

Tax relief for investment in social enterprises

Stamp duty axed on shares traded on growth markets like Aim.

Tax avoidance and evasion measures, including agreements with Isle of Man, Guernsey and Jersey, aimed at recouping £3bn in unpaid taxes

ENERGY AND THE ENVIRONMENT

Tax incentives for ultra low-emission cars

Pottery industry in Midlands to be exempt from climate change levy

Tax allowances for investment in shale gas

PENSIONERS

Single flat-rate pension of £144 a week brought forward a year to 2016

Cap on social care costs confirmed

FAMILIES

20% tax relief on childcare vouchers up to £6,000 per child from 2015

£5,000 payments for those who lost money in Equitable Life collapse

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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