We will be live from Gloucester Rugby Club tomorrow, with over 40 Business and Council leaders, to discuss the budget and its impact.
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BBC Points West will also be covering our Budget Event.
13:30, 18:30, 22:25 on BBC One 23rd March 2011 |
At a glance:
UK ECONOMY
• 2011 growth forecast downgraded from 2.1% to 1.7%
• 2012 forecast also down from 2.6% to 2.5%
• Inflation set to remain between 4% and 5% in 2011
FUEL, CIGARETTE AND ALCOHOL DUTIES
• No further changes to alcohol duty rates
INCOME TAX
• No new personal tax increases
• Personal tax allowance to rise a further £630 to £8,015 in April 2012
• Consultation on long-term plan to merge income tax and National Insurance
• 50% top rate of tax to remain but review of how much it raises
BORROWING
• Forecast borrowing of £146bn this year, £2.5bn lower than anticipated
• Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16
• National debt forecast to be 60% of national income this year, up to 71% in 2012
OTHER TAXES AND ALLOWANCES
• Council tax to be frozen or reduced this year across England
• 10% discount on inheritance tax for people leaving 10% of estate to charity
• Rise in air passenger duty to be frozen this year
• Private jet users to pay passenger duty for first time
• Levy on so-called "non-doms" up to £50,000 for those resident in the UK for 12 years
• Tax avoidance clampdown to raise £1bn this year
• Support for families in the south-west of England with water bills
HOUSING
• Government-backed shared equity scheme to help 10,000 first-time buyers
HELP FOR BUSINESS
• Corporation tax to be cut by 2% in April, not 1% as previously planned
• Bank levy to be adjusted so banks do not pay less tax as a result
• 43 tax reliefs to be scrapped as part of simplification of tax code
• £350m of business regulation to be scrapped
• No new regulation on firms with fewer than 10 staff for three years
• Business rate relief holiday for small firms extended for another year
• New rules to require planners to prioritise growth and jobs
• £100m funding for science facilities
• 21 "enterprise zones" to be launched, backed by tax incentives
JOBS AND SKILLS
• Funding for 12 further university technical colleges
• 40,000 new apprenticeships for young people out of work
• Funding for 100,000 work experience placements
PENSIONS
• Accepts Hutton review of reform of public sector pension contributions
• Long-term aim for £140 a week flat-rate state pension - not to apply to current pensioners
TRANSPORT
• £100m for repairing potholes in England
• £200m support for regional railways in England
GREEN MEASURES
• £2bn extra funding for Green Investment Bank - to launch in 2012
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