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Budget 2010
HAMISH_MCTAVISH
Posts: 28,592 Forumite
Stamp Duty to be eliminated permanently on any purchase less than 250K for FTB's, to be funded by raising to 5% on properties over a million pounds
Annual ISA limit increasing to 10,000, with automatic escalator in line with inflation
Everyone to have access to basic banking accounts.
Fuel Duty escalator to be delayed.
Borrowing this year will be 11 billion lower than forecast at 167 billion,
100 billion lower than forecast over next 5 years, 4% by 2014.
Structural deficit only 8.4% of GDP this year, and 2.5% by end of next parliament.
Beer wine spirits--- 2% above inflation for next few years. Cider to be increased by 10% above inflation.
Tobacco 1% today, then 2% above inflation every year.
Spending to increase by 2.2% in real terms next year, no cuts until recovery embedded, better than expected tax revenues and lower unemployment mean borrowing will still be less than forecast
Economic Growth, still 6th biggest manufacturer, doubling investment in science, low inflation, lowest corporate tax in G7. Access to finance from banks still a problem, government to provide 94 billion in loans to business through lloyds/RBS, new credit adjudication service to enforce lending for small businesses if warranted.
Tax: Time to pay scheme extended for business throughout next year.
Business rates to be cut for one year, 345K businesses will pay no rates at all.
Annual investment allowance for business to be doubled to 100K.
Entrepeneurs relief for CGT to be doubled to 2 million pounds per lifetime.
No increase in CGT
£385 million for roads, maintenance after hard winter, increased capacity
High Speed Rail as announced
Investment bank to be set up with 2 billion govt funded equity, plus private, to invest in new energy infrastructure.
Pensions to increase, every pensioner guaranteed 132 per week, no pensioner over 75 to pay tax on first 10K of income.
Higher winter fuel allowance to be extended for another year.
Right about Recession, Right about Recovery, Right about supporting people, and commends budget to house.
Annual ISA limit increasing to 10,000, with automatic escalator in line with inflation
Everyone to have access to basic banking accounts.
Fuel Duty escalator to be delayed.
Borrowing this year will be 11 billion lower than forecast at 167 billion,
100 billion lower than forecast over next 5 years, 4% by 2014.
Structural deficit only 8.4% of GDP this year, and 2.5% by end of next parliament.
Beer wine spirits--- 2% above inflation for next few years. Cider to be increased by 10% above inflation.
Tobacco 1% today, then 2% above inflation every year.
Spending to increase by 2.2% in real terms next year, no cuts until recovery embedded, better than expected tax revenues and lower unemployment mean borrowing will still be less than forecast
Economic Growth, still 6th biggest manufacturer, doubling investment in science, low inflation, lowest corporate tax in G7. Access to finance from banks still a problem, government to provide 94 billion in loans to business through lloyds/RBS, new credit adjudication service to enforce lending for small businesses if warranted.
Tax: Time to pay scheme extended for business throughout next year.
Business rates to be cut for one year, 345K businesses will pay no rates at all.
Annual investment allowance for business to be doubled to 100K.
Entrepeneurs relief for CGT to be doubled to 2 million pounds per lifetime.
No increase in CGT
£385 million for roads, maintenance after hard winter, increased capacity
High Speed Rail as announced
Investment bank to be set up with 2 billion govt funded equity, plus private, to invest in new energy infrastructure.
Pensions to increase, every pensioner guaranteed 132 per week, no pensioner over 75 to pay tax on first 10K of income.
Higher winter fuel allowance to be extended for another year.
Right about Recession, Right about Recovery, Right about supporting people, and commends budget to house.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
0
Comments
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Alistair_Darling wrote:The recovery is still in it's infancy
Interesting...0 -
Darling says:
Treasury has already received more than 8 billion pounds in fees for support of banks.
NR/RBS/LLoyds improving and returning to profit, expect to recover all investment when shares sold
Tax on bankers bonus has raised 2 billion pounds PLUS income tax at high rate.
UK economy has contracted by 6% in the recession, Japan by 7%, Germany by 8%.
Car scrappage scheme has increased sales by 30%.
Had we not acted, business failures and repo would have been double the current levels.
UK unemployment fallen, lower than Euro, lower than USA..... Claimant count at 1.6 million and improving, versus 3 million in the recession of the early 90's.
Considering scrapping mandatory retirement age.
Extending guaranteed offer to young people under 24 for work/training until 2012
Mortgage interest scheme for unemployed to be extended at the hiogher rate for another 6 months
Stamp duty to be raised to 250K for FTB's from midnight tonight.
Reductions in borrowing to be achieved in 3 ways....... Cuts, tax rises, growth.
Top 2% of earners will be hit hard, those under 20K a year no difference. 60% of revenue to be raised from top earning 5%.
Beer wine spirits--- 2% above inflation for next few years. Cider to be increased by 10% above inflation.
Tobacco 1% today, then 2% above inflation every year.
Inheritance tax threshold to be frozen.
Military budgets for Afghanistan to be increased.
Efficiency savings of 24 billion identified, a further 11 billion asked for from departments, public sector pay to be limited to 1% increase over next few years.
Civil servants in London to be reduced by one third, relocated elsewhere, big savings as cheaper costs Oop North
Changes to housing benefits, most expensive properties excluded, 250 mil savings.
Help for computer games sector, tax breaks on revenue from patents registered in the UK
Life sciences, bio, etc, a success story
35 million uni fund for spin off companies
invest in skills, education, etc. Funding already up by 25% over last decade, Universities must now make efficiency savings. One off funding of 270 million for modernisation, to help science, tech, engineering, maths, to create new places.
Big push on tax avoidance and evasion, new tax info agreements with dominica, grenada, and Belize (watch out Ashcroft) jeers in house...... Deals to be signed in the next few days, rather quicker than the ten years it took ashcroft to exchange info with his party leaders!!!!!!“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Expect it to simply be a party election broadcast.
Headline grabbers to buy votes.
More fantasy figures on borrowing and GDP projections.
No specifics mentioned regarding "efficiency savings" (cuts).
I'm all for lower taxes, but is stamp duty abolition for first time buyers under £250k the way forward? How about investment in industry and infrastructure. This lot need to be shown the door.0 -
"No return to business as usual for the banks."Long live the faces of t'wunty.0
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Bringing capital spending forward, car scrappage etc
More stealing growth from the future-what happens when these schemes expire?0 -
The record shows we took the right steps
Always thought prevention is better than cure?0 -
Lower unemployment that earlier recessions...
Maybe that's because there are 900k more public sector workers and 400k more students under Labour...0 -
Is it me or does purple seem a popular colour for labour today.:)
5% stamp duty on houses over £1M. 250K as leaked for the next year for FTBers.0 -
Stamp duty to be raised to 250K for FTB's from midnight tonight.
Paid for by an increase to 5% for properties over £1m'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Thinking about removing compulsory retirement.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0
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