"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Wednesday, 23 March 2011

Budget 2011: Videos









Here's a list of budget announcements from ConHome

Fraser Nelson:
The "total cuts" figure is, oddly, not printed in the Budget. Perhaps because it's so embarrassingly small. After the Autumn Statement, it was 5 per cent over four years. Now it's back to 3.7 per cent over four years: that is to say, total cuts of just 0.9 per cent a year. The Chancellor's cuts are mild — milder than Denis Healey's now-forgotten cuts. Over the next five years, the spending total has risen: in 2014-15, we'll be spending £744 billion, an extra £11 billion. A relatively small figure, but you get the overall direction. Remember this next time Ed Balls talks about "deep and fast" cuts.

BUDGET AT A GLANCE, pinched from the Daily Mail

PETROL
* Fuel duty cut by 1p per litre from 6pm today
* Fair Fuel Stabiliser introduced

INCOME TAX
* Personal tax allowance to rise by £630 to £8,105 in April 2012
* Direct tax to be indexed by CPI from April 2012
* Consultation on merging National Insurance and income tax

HOMES
* £250 million interest-free loans and shared equity scheme for first-time home buyers

CIGARETTES AND ALCOHOL
* A jump of up to 50 pence on a packet of 20 cigarettes
* The price of a pint of beer increases by up to 10p

ROADS
* £100 million to help repair potholes on the roads

BUSINESS
* Corporation tax will be reduced by 2%, and by 1% in each of the following three years, to bring it to 23%
* £350 million worth of regulation on businesses to be removed
* Rate relief holiday for small businesses extended to October 2012
* Business mileage allowance increased from 40p to 45p

ENTERPRISE AND SCIENCE
* 21 new enterprise zones to be created
* £100 million extra to be invested in new science centres

ENVIRONMENT
* Green Deal to reduce energy bills from next year
* The UK to become the first country in the world to introduce a carbon price floor for the power sector
* New 'green investment bank' to have access to £3 billion of funds

EDUCATION AND JOBS
* 24 university technical colleges to be founded
* Extra 40,000 apprenticeships for jobless young people in England

TRAVEL
* Plans to switch air passenger duty from passengers to planes have been dropped
* Air passenger duty rise postponed for one year
* The Government will seek to impose the tax on private jets

PENSIONS
* Hutton recommendations on public sector pensions accepted
* Single-tier flat-rate state pension to be created, expected to be about £140-a-week

CHARITY
* Gift aid administration to be simplified, especially for small donations
* Inheritance tax discount for charitable donations

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