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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Wed Mar 16, 2005 7:57 pm Post subject: UK Budget - March 2005 |
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Delivering his ninth, Gordon Brown painted the economy as the jewel in Labour's crown, positioning himself as the champion of working families and heir apparent to a flagging Prime Minister Tony Blair.
"Britain today is experiencing the longest period of economic growth since records first began in 1701," he told a packed House of Commons.
During a 50-minute speech, he said Britain was growing faster than other developed nations, with inflation and interest rates at their lowest levels for three decades.
With just six weeks left before an expected May 5 polling day, Blair's top aide and rival for power unveiled a budget designed to galvanise Labour's lacklustre campaign.
He announced tax breaks for the poor, the old, young families and first-time home-buyers and pleased the powerful transport lobby by freezing petrol duties.
Economists said the budget was a prudent pre-election pitch carrying few surprises. Financial markets barely budged.
"Much as expected - if anything, on the conservative side in terms of the amount of money he's giving away," Mark Miller of HBOS Treasury Services told Reuters.
How Big A Win?
Brown hit out at the opposition Conservatives, arguing their planned 35 billion pounds of spending cuts would damage public services. The centre-right Conservatives say their cuts are targeted at government waste and bloated bureaucracy.
While few predict a Conservative election victory, all sides agree they have stolen a march on Blair in campaigning, with the premier so far looking flat-footed.
Conservative leader Michael Howard dismissed Brown's proposals as a "vote now, pay later budget" and predicted it would be his last.
"This budget is not about what's good for our country. It's all about the interests of the Labour Party," he said.
Brown is seen as prime minister-in-waiting but some political analysts believe Blair could turn against his rival and shunt him out of the Treasury if he wins a big mandate at the election.
Either scenario could bring down the curtain on the second-longest serving Chancellor of the last 100 years.
In other voter-friendly moves, Brown unveiled only minimal, inflation-driven rises in "sin taxes" on tobacco and alcohol.
He also doubled the threshold at which duty on new homes has to be paid from 60,000 pounds to 120,000 in a bid to help first-time buyers hit by soaring house prices.
Pensioners won a new winter fuel allowance and had their refund on local council taxes increased fourfold.
Brown's Budget at a glance
THE ECONOMY
Inflation expected to be 1.75% this year and 2% in 2006 and beyond.
Other stories:
City expects spring rate rise
Budget: Has Brown delivered?
Market report: Thursday 16.00
Profits warning shock from Morrison
Police foil £220m bank-raid plot
High Street sales sluggish
Brown mounts Budget defence
Standard Life turns guns on rivals
London float for French power shares
Oil companies hit by £1.1bn squeeze
Domestic demand forecast to grow by 3.25%-3.5% this year and 2.5%-3% in 2006.
Growth in 2004 is 3.1%, as forecast. Growth this year is forecast to be 3%-3.5% and in 2006 2.5%-3%.
Golden fiscal rule will be met by a margin of £6bn.
New 50-year long-term bond.
EFFICIENCY
7,800 civil service jobs relocated out of London and the South East.
First £2bn of value-for-money savings identified in the Gershon Review have been achieved.
New light-touch regime: in a major cutback of quangos, 35 agencies will be combined to just nine.
Single inspectorates for criminal justice, education and children's services, social care and health and local services.
To address EU-inspired regulation, new guidelines for the implementation of EU law in the UK.
EMPLOYMENT
Employment rate at highest level yet, with 50% growth in personal wealth, 300,000 more small businesses and 150,000 more self-employed.
2.1m new jobs since 1997.
£2,000 return to work bonus for single parents.
£65m on employer training pilot scheme.
New rules to encourage incapacity benefit claimants into work and reforms in housing benefit to help job creation.
DEFENCE
Extra £400m for defence expenditure.
Extra compensation for injured troops.
Iraq war, Afghanistan and war on terror cost £4.9bn.
TAXATION AND DUTY
Stamp duty threshold doubled to £120,000 at midnight today.
Inheritance tax threshold raised from £263,000 to £275,000 this year, £285,000 next year and then to £300,000.
Corporation tax and capital gains tax to be frozen.
Freezes on air passenger duty, insurance premium tax, climate change levy and company car tax.
Excise duty on a pint of beer to rise by 1p, a bottle of wine by 4p from Sunday. Duty on spirits, sparkling wine and cider frozen.
Duty on a packet of cigarettes to rise by 7p from 6pm today.
Inflation duty increase on fuel to be deferred until 1 September.
New measures to combat avoidance of capital gains tax, VAT and other taxes.
Tax exemption on the first £7,000 of savings in individual savings accounts to be extended to 2010.
100% VAT refund for religious building renovations extended to 2008.
In April, the personal income tax allowance will rise in line with inflation.
New tax reliefs for low-budget and larger-budget films.
CHILDREN/EDUCATION
One million new childcare places and paid maternity leave to rise to one year.
From next year, the Government will offer help with early learning in every area for children who need it.
Building programme for primary schools: over the next five years, total investment will be £9.4bn. 8,900 primary schools will be rebuilt or refurbished.
Investment in the three-year programme for IT in schools will be raised to £1.67bn.
Goal of education starting at age three and continuing until 18. Those in full-time education or training to be offered up to £75 a week in education allowances and benefits.
£1.5bn programme for renewing further education colleges.
Direct payments to schools to rise each year to 2008 in England, with separate announcements to follow for other parts of the UK. Typical primary school will receive £31,000 in the coming year, while a typical secondary school will receive £98,500 next year, with further rises in subsequent years.
From next year the Government will offer help with early learning in every area for all children who need it.
VAT incurred by councils on children's centres and children's services will be refunded, ending a long-standing grievance.
Teach First programme - which offers outstanding graduates incentives to teach in challenging schools - to be extended to four more cities.
Brown announced funds to ensure that by 2006, every school pupil has enterprise education.
PENSIONERS
Every pensioner household paying council tax will receive a council tax refund of £200.
Every community in the UK from next year will have free local bus travel for every pensioner and every disabled person.
From today charges on pensioners during hospital stays permanently abolished.
SPORT
£27m for new national sports foundation.
ROYALS
There will be a permanent memorial to the Queen Mother in The Mall funded by proceeds of special 80th birthday coin for The Queen. |
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cashman
Beginning Saver
Joined: 01 Oct 2004
Posts: 49
Cash Points ££ 140.00
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| Posted: Tue Feb 21, 2006 2:43 am Post subject: |
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| So whens this years budget ? Same date ? |
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Sarah
Money Manager
Joined: 16 Jul 2004
Posts: 831
Cash Points ££ 12024.38
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| Posted: Fri Mar 10, 2006 4:54 am Post subject: |
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| cashman wrote: | | So whens this years budget ? Same date ? |
The Chancellor will make his Budget Report speech to the House of Commons on 22nd March 2006 at 12.30pm.
Moneyforums will bring the full report as well as a summary of the key items |
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