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Budget 2008 |
Other than a few headline-grabbing green taxes, some more consultation and recycling of pre-announced measures, this was a rather dull Budget. In summary, Darling's speech confirmed largely what we knew already!
- Chancellor sat down at 1.21pm.
- £26m funding next year for the Green Homes Service to help people reduce the carbon output of their homes.
- New non-domestic buildings to become ”carbon neutral” by 2019.
- Climate change levy will increase in line with inflation from April.
- Tougher targets on car fuel emissions.
- "Carbon Budgets" to be issued alongside regular Budgets from 2009 as part of efforts to combat climate change.
- Introduction of legislation to reduce plastic carrier bags by 2009 if voluntary action doesn’t work. Funds would go to environment charities.
- Major reform of the vehicle excise duty from 2009.
- From 2010, the lowest polluting new cars will pay no road tax in the first year. Higher polluting cars will pay more.
- Cigarettes up 11p a packet.
- Beer up by 4p a pint, wine 14p a bottle, spirits 55p a bottle and cider 3p a litre by Sunday.
- Duties on alcohol will go up by 2% above inflation for next four years.
- Winter fuel allowance will go up from £200 to £250 for the over 60s and from £300 to £400 for the over 80s.
- Charities to maintain Gift Aid relief at 22%.
- Enterprise management incentive tax relief scheme increased from £100,000 to £120,000.
- Funds available through the small firms loans guarantee will increase by 60% in the next year.
- There will be a capital fund of £12.5m to encourage more women entrepreneurs.
- £200m extra for schools to raise GCSE results. By 2011, every school "will be an improving school". There will be a £30m fund to improve science.
- £60m over three years for equipping people for the workplace.
- Key workers such as teachers and nurses, will be able to borrow money from shared equity schemes.
- No stamp duty on shared ownership homes until people own 80% of their home.
- More people should have the chance to have a long-term fixed mortgage, the Chancellor said.
- From October 2009, rules for housing and council tax benefit will mean families on benefit will be better off in work. From April, 2009, child benefit will be increased to £20 a week.
- Five million customers will get a 'better deal' if they are on pre-paid meters. Energy companies should spend £150m on social tariffs.
- Cash ISA limit - £3,600 a year from April.
- Corporation tax will fall from 30% to 28% from April.
- Simpler taxes for small companies.
- Maintaining stability in the economic slowdown and keeping inflation low is key.
- The Chancellor said he is writing to the governor of the Bank of England to keep a 2% target on inflation.
- The British economy grew by 3% last year, but will this year grow from 1.75-2.25%.
- Chancellor Alistair Darling stood up to deliver the Budget at 12.30 GMT.
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