50p income tax rate cut to 45p
Personal allowance to rise to £9205 from April 2013
Age-related allowances to be simplified
Child benefit phased out for households where one parent has an income of £50k or more. Will fall by 1% for every £100 earned over 50K, therefore will be nothing if one parent earns £60K or more.
OBR revises 2012 growth forecast to 0.8% (from 0.7%. Woohoo). Forecast for 2013 is 2%.
UK govt borrowing £1b less than forecast - currently stands at £126b this year, forecast to be £120b next year.
Unemployment currently at national rate of 8.7%, forecast to fall to 6.3% by 2016.
Stamp duty of 7% for homes sold for more than £2m. Homes in that bracket bought by companies to attract 15% stamp duty (ouch)
Corporation tax reduced to 24% from next month, and to 22% by 2014.
Tax relief for video games & animation industries
'Enterprise loans' scheme to fund business startups (but no concrete funds dedicated yet)
Relaxation of sunday trading laws from July 22nd (Olympics)
Cost of Afghanistan conflict £2.4b less than forecast (
)£100m to renovate Army accommodation
Personnel serving overseas to get 100% council tax rebate (WTF?)
Evidence to be published on the case for regional pay levels in the public sector
Option will be made available when current pay freeze ends (2015, I think)
Major tax changes to promote further oil & gas extraction in the north sea
Duty on tobacco to rise by inflation+ 5% from 6pm today
No changes on alcohol duty
No changes to current plans on fuel duty
VED to rise by rate of inflation
Fuel duty escalator to be reinstated if price of oil falls to $70 a barrel (brent crude current $127 a barrel)
Proposed review of state pensions, single tier pension system set at about £140 a week.
Funds released for improvement in rail lines between Blackpool and Sheffield (covering Manchester and Preston)
Bank levy to rise ot 0.015% to offset lower corporation tax for banks
Tax relief capped at 25% for anyone earning over £50,000
Some VAT loopholes (hot food sold in supermarkets is mentioned) to be removed
major review of 'green spending', particularly the Carbon Reduction Commitment. Alternative environmental tax regime to be proposed in the Autumn.
