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Budget summary

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

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