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News - December 2009

Chancellor, Alistair Darlings Pre-Budget Review - 9th December 2009

Alistair Darling made his Pre-Budget statement to the House of Commons on Wed. 9th Dec. 2009 at 12.30. The points below are a summary of that report.

  • Economy forecast to shrink 4.75% in 2009, worse than 3.5% forecast in April
  • Growth of 1%-1.5% expected in 2010 and 3.5% in 2011 and 2012
  • Forecast borrowing of £178bn in 2009, £3bn higher than predicted in April
  • Estimated borrowing of £176bn in 2010 and £140bn in 2011, falling to £96bn in 2013
  • Budget deficit to be halved by 2013
  • Estimated public cost of bank bailouts cut from £50bn to £10bn
  • Total spending in 2010-11 to rise by £31bn.
  • Current spending to fall by 0.8% between 2011-2 and 2014-5
  • One-off 50% tax on bank bonuses of more than £25,000
  • Inheritance tax to be frozen at £325,000 until 2011
  • VAT to return to 17.5% from 15% from 1 January 2010. No other changes to VAT
  • All national insurance rates to rise by 0.5% from April 2011
  • Increase in corporation tax for small businesses to be deferred
  • Stamp duty holiday on certain properties to end on 1 January 2010
  • Under-24s to be guaranteed work or training after six months out of work
  • Basic state pension will rise by 2.5% in April 2010
  • Child and disability benefit to rise by 1.5% in 2010
  • Contributions to public sector pensions to be cut by £1bn a year
  • All public sector pay settlements to be capped at 1% for two years from 2011
  • Bingo duty to be cut from 22% to 20%
  • £160m investment in low-carbon and renewable projects
  • £200m extra investment for Warm Front insulation scheme, helping 65,000 households
  • Boiler scrappage scheme for 125,000 households
  • Electric cars to be exempt from company car tax for five years
  • New 50p tax on landline phones to pay for superfast broadband
  • New 10% tax on income from patents to boost science development
  • Free school meals to an extra 500,000 low income families

More detail and comments regarding this report can be found at the following websites.

Pre-budget review microsite (HM Treasury) - http://prebudget.treasury.gov.uk/

BBC Pre-Budget Report website with analysis - www.bbc.co.uk