Budget 2011 at a glance: George Osborne's key points

[little pob]

The key points of Chancellor George Osborne's Budget on 23 March 2011.

FUEL, CIGARETTE AND ALCOHOL DUTIES
Fuel duty to be cut by 1p per litre from 1800 GMT
Planned 4p per litre rise due in April to be delayed to 2012
Annual fuel duty escalator to be scrapped until 2015
VAT on fuel will not be reduced
No additional changes to alcohol duty rates
Tobacco duty rates up by 2% above inflation, duty regime to be reformed

INCOME TAX
No personal tax increases
Personal tax allowance to rise a further ?630 to ?8,015 in April 2012
Consultation on long-term plan to merge income tax and National Insurance
50% top rate of tax to remain but review of how much it raises

UK ECONOMY
2011 growth forecast downgraded from 2.1% to 1.7%
2012 forecast also down from 2.6% to 2.5%
Inflation set to remain between 4% and 5% in 2011

BORROWING
Forecast borrowing of ?146bn this year, ?2.5bn lower than anticipated
Borrowing to fall to ?122bn next year, dropping to ?29bn by 2015-16
National debt forecast to be 60% of national income this year, up to 71% in 2012

OTHER TAXES AND ALLOWANCES
Council tax to be frozen or reduced this year in every English council
10% discount on inheritance tax for people leaving 10% of estate to charity
Rise in air passenger duty to be frozen this year
Private jet users to pay passenger duty for first time
Levy on so-called "non-doms" up to ?50,000 for those resident in the UK for 12 years
Tax avoidance clampdown to raise ?1bn this year
Support for families in the south-west of England with water bills

HOUSING
Government-backed shared equity scheme to help 10,000 first-time buyers

HELP FOR BUSINESS
Corporation tax to be cut by 2% in April, not 1% as previously planned
Bank levy to be adjusted so banks do not pay less tax as a result
43 tax reliefs to be scrapped as part of simplification of tax code
?350m of business regulation to be scrapped
No new regulation on firms with fewer than 10 staff for three years
Business rate relief holiday for small firms extended for another year
New rules to require planners to prioritise growth and jobs
?100m funding for science facilities
21 "enterprise zones" to be launched, backed by tax incentives

JOBS AND SKILLS
Funding for 12 further university technical colleges
40,000 new apprenticeships for young people out of work
Funding for 100,000 work experience placements

PENSIONS
Accepts Hutton review of reform of public sector pension contributions
Long-term aim for ?140 a week flat-rate state pension - not to apply to current pensioners

TRANSPORT
?100m for repairing potholes in England
?200m support for regional railways in England

GREEN MEASURES
?2bn extra funding for Green Investment Bank - to launch in 2012

Source: BBC News - Budget 2011 at a glance: George Osborne's key points

[barrowmanandrew]

i don't see much wrong with that,
but then again i'm no economist...

what do we think???

good budget or bad budget?

[badapple]

As with ALL budgets, the Gov. will give with one hand & take with the other.

If you add up all they have given & all they have taken, the average joe blogs will be worst off as usual.

[SOB60]

Been discussed this morning on TV that there are a lot of hidden reductions that were not announced in the budget speech, one that especially knarks me is that there will be a reduction in the Winter Fuel Allowance this winter by as much as ?50 to ?100 per person, this is diabolical given the price of fuel and the monies that Senior Citizens are give as a pension for all the service they have given to the country in there working days.
We all have or know somebody who will need this money to keep warm this winter but will freeze rather than risk not being able to pay there bill.

[craggz]

so much for the 1p petrol cut, it lasted for a week, then they have put the 1p back on the petrol.... shocking

[Snowy79]

I think the Winter fuel allowance for Pensioners needs looking into. How's about if they've sat on their fat ARS@S all their lives and not paid any National Insurance and as such not earned a decent pension they just get issued a Wooly Jumper. I know it's rough but if you've had an average job and paid towards a pension you will have a state pension and a second pension to see you through into old life. I know loads of pensioners that have had run of the mill jobs all their lives but now have a good living, taking 3 to 4 holidays a year as they are Mortgage/rent free. The ones that are struggling tend to have worked cash in hand or thought it wasn't worth paying into a pension fund and now they want the Tax Payer to subsidise them. I'm sorry but if you want to have an easier old life then plan for it.

I'm fed up of losers never working just popping out kids and expecting us to pick up the bill. About time the Tax Payer started getting value for money. The money saved could go towards those that can't help themselves. The sick and special needs.