Business
Corporation tax will be by cut in 2015 to 20% (this is a 1% cut)
New employment allowance which will take the first £2,000 off employer National Insurance bills for every company in the country.
Tax/Families
The limit at which start paying tax is going to be raised in 2014 to £10,000
20% tax relief on childcare vouchers up to £6,000 per child from 2015
September’s fuel duty rise scrapped, worth 13p per litre
Annual above-inflation rise in beer duty to be scrapped. With beer duty to be cut by 1% later this month. All other alcohol duties to rise by 2% above inflation
The Elderly
As previously announced confirmation that single flat-rate pension of £144 a week will be introduced in 2016
The Economy
Growth forecast for 2013 cut to 0,6%, which is down from the 1.2% previously forecast in Dec, with Office for Budget Responsibility has predicting that UK will not fall into recession this year. Looking beyond 2013 growth is predicted to be 1.8% in 2014; 2.3% in 2015; 2.7% in 2016 and 2.8% in 2017.
Inflation
2% Bank of England target to stay in place
Bank remit to be changed to focus on growth as well as inflation
Housing
Shared equity schemes extended, with interest-free loans up to 20% of value of new build properties
Bank guarantees to underpin £130bn of new mortgage lending for three years from 2014
Government Borrowing
Overall deficit cut by 33% since 2010
Looking at borrowing of £114bn this year, falling to £108bn in 2014, £97bn in 2015 and £87bn in 2016
Government Spending and Pay
Most government departments to see budgets cut by 1% in each of next two years, however schools and NHS will still 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
Energy/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
