Budget or Fudget.....

At-a-glance: Budget 2010 key points

 

Chancellor Alistair Darling is delivering his third Budget and the last one before the general election. The key points will appear on this page as they are announced:

 

FUEL, CIGARETTES AND ALCOHOL AND FUEL DUTIES 

1. 3p fuel duty rise to be phased in between April and January 2011 
2. Duty on cider to rise by 10% above inflation from Sunday
3. Wine, beer and spirit duty up 2% a year until 2013
4. Tobacco duty up 1% this year and 2% a year in future years  

 

HOUSING

1. Stamp duty scrapped for homes below £250,000 for first-time buyers
2. Stamp duty on residential property sales over £1m to increase to 5%

 

UK ECONOMY

1. Economy contracted 6% during the recession  
2. Predicted growth of 1-1.25% in 2010, in line with forecasts
3. Downgrades growth forecast for 2011 to 3-3.5%

  

HELP FOR BUSINESS

1. £2.5bn support for small business to boost skills and innovation
2. One year business rate cut from October to help 500,000 companies
3. Investment allowance for small firms doubled to £100,000
4. Doubling relief on capital gains tax for entrepreneurs
5. No change to capital gains tax rates
6. £385m to maintain road network

 

BANK LENDING

1. One-off bank bonus tax has raised £2bn, double the amount forecast
2. Backs tax on bank transactions but on global basis
3. A million extra people guaranteed basic bank account
4. RBS and Lloyds Bank Group to provide £94bn in small business loans
5. New service to adjudicate credit disputes

 

JOBS AND TRAINING

1. Amount of time over-65s have to work to receive work credits reduced
2. Six month work or training guarantee for under 24s extended to 2012

 

BORROWING

1. Borrowed £167bn in 2009-10, £11bn lower than previously forecast
2. Borrowing to fall from £131bn in 2011-12 to £74bn in 2014-15

 

OTHER TAXES AND ALLOWANCES

1. No changes to VAT or income tax planned
2. Inheritance tax threshold frozen for four years

 

GOVERNMENT SAVINGS

1. On track to achieve £11bn efficiency savings target
2. Reform of housing benefit to save £250m
3. 15,000 civil servants to be relocated outside London

 

ENVIRONMENT

1. £2bn investment bank to back low-carbon industries