Post by mattymc13 on Apr 23, 2009 9:12:02 GMT -5
Our fabulous Chancellor, Alistair Darling, delivered his yearly budget yesterday, full of typical public punishments thanks to the governments mistakes. His projections on the further fall and slow raise of the economy got some ironic laughs in the Houses of Parliament. Many backbenchers seem to believe he is being a tad optimistic, but anyway. These are the KEY points of his Budget, nicely condensed into a small section, unlike the marathon of shite that spewed from his dismal gob yesterday...
Economy
- Economy to shrink by 3.5% in 2009.
- Economy to grow 1.25% in 2010.
- Deflation to continue, falling to a low of minus 3pc in September and climbing back above zero next year.
Public Finances
- Public borrowing to rise to £175bn this year.
- National debt to reach almost £1.4 trillion in 2013-14, equal to almost 80pc of the economy.
- Government to issue £220bn of bonds this year to plug spending gap.
Jobs
- An additional £1.7bn for Job Centre Plus and the New Deal is to be provided.
- From January everyone under the age of 25 who has been jobless for 12 months will be offered a job or a place in training.
Business
- Loss-making companies can reclaim taxes on profits made in the last three years to November 2010.
- £2.5bn to encourage business investment in industries of the future.
- Main capital allowance rate doubled to 40pc.
Personal Finance
- People earning more than £150,000 hit with 50pc income tax rate from next April, and loss of tax relief on pensions .
- ISA savings limits increased to £10,200 from this year for over-50s and next year for all savers.
- £2,000 help for drivers scrapping cars more than ten years old for a new model.
- Alcohol duty up 1p on a pint of beer, 4p on a bottle of wine and 13p on a bottle of spirits.
- Tobacco duty up 2%
Economy
- Economy to shrink by 3.5% in 2009.
- Economy to grow 1.25% in 2010.
- Deflation to continue, falling to a low of minus 3pc in September and climbing back above zero next year.
Public Finances
- Public borrowing to rise to £175bn this year.
- National debt to reach almost £1.4 trillion in 2013-14, equal to almost 80pc of the economy.
- Government to issue £220bn of bonds this year to plug spending gap.
Jobs
- An additional £1.7bn for Job Centre Plus and the New Deal is to be provided.
- From January everyone under the age of 25 who has been jobless for 12 months will be offered a job or a place in training.
Business
- Loss-making companies can reclaim taxes on profits made in the last three years to November 2010.
- £2.5bn to encourage business investment in industries of the future.
- Main capital allowance rate doubled to 40pc.
Personal Finance
- People earning more than £150,000 hit with 50pc income tax rate from next April, and loss of tax relief on pensions .
- ISA savings limits increased to £10,200 from this year for over-50s and next year for all savers.
- £2,000 help for drivers scrapping cars more than ten years old for a new model.
- Alcohol duty up 1p on a pint of beer, 4p on a bottle of wine and 13p on a bottle of spirits.
- Tobacco duty up 2%