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24/03/2010
Budget Rounds On Recovery
First time buyers in the UK will be exempt from forking out stamp duty on properties over £250,000, the Chancellor announced today, in what could be the Labour Government's final Budget.
The gap left will be filled by those paying for houses valued more than £1m, Alistair Darling said.
Outlining the Budget in Parliament, the Chancellor said he predicts the UK's budget deficit to rise lower than previously forecast.
He estimated the figure would stand at £163bn rather than £178bn at the end of the year.
However, Mr Darling said he expected growth forecasts to be less favourable.
Opposition Tories accused the Government of making "a mess" of the economy, and doing "nothing to clear it up".
Conservative leader said five more years of Gordon Brown as Prime Minister was "the biggest risk to the recovery".
In addition to the widened stamp duty exemption, Mr Darling also announced a staggered rise in duties at the petrol pump.
It will increase by 1p in April, followed by a further 1p rise in October and the remainder in January.
State banks will be forced to lend more, the Chancellor told MPs. One million more people will also be given access to bank accounts over the next five years.
There will be a Government crackdown on tax evasion with new agreements made with Dominica, Grenada and Belize.
Duties on on alcopops and cider will be increased by up to 10%, with smaller increased on wine and spirits taking effect from Sunday.
The Conservative Party has stood over its pledge to publish an emergency budget with 50 days of taking office, should they win the forthcoming General Election.
This would provide Mr Cameron and George Osborne the chance to overturn some of Mr Darling's plans.
This afternoon, the Tory leader said: "The choice is between a government which has completely run out of steam, completely run out of ideas, is not being honest about the mess we're in and has got no plans to clear it up, and a Conservative Party that's got the energy, the dynamism, the leadership to get the economy moving again."
(PR/BMcc)
The gap left will be filled by those paying for houses valued more than £1m, Alistair Darling said.
Outlining the Budget in Parliament, the Chancellor said he predicts the UK's budget deficit to rise lower than previously forecast.
He estimated the figure would stand at £163bn rather than £178bn at the end of the year.
However, Mr Darling said he expected growth forecasts to be less favourable.
Opposition Tories accused the Government of making "a mess" of the economy, and doing "nothing to clear it up".
Conservative leader said five more years of Gordon Brown as Prime Minister was "the biggest risk to the recovery".
In addition to the widened stamp duty exemption, Mr Darling also announced a staggered rise in duties at the petrol pump.
It will increase by 1p in April, followed by a further 1p rise in October and the remainder in January.
State banks will be forced to lend more, the Chancellor told MPs. One million more people will also be given access to bank accounts over the next five years.
There will be a Government crackdown on tax evasion with new agreements made with Dominica, Grenada and Belize.
Duties on on alcopops and cider will be increased by up to 10%, with smaller increased on wine and spirits taking effect from Sunday.
The Conservative Party has stood over its pledge to publish an emergency budget with 50 days of taking office, should they win the forthcoming General Election.
This would provide Mr Cameron and George Osborne the chance to overturn some of Mr Darling's plans.
This afternoon, the Tory leader said: "The choice is between a government which has completely run out of steam, completely run out of ideas, is not being honest about the mess we're in and has got no plans to clear it up, and a Conservative Party that's got the energy, the dynamism, the leadership to get the economy moving again."
(PR/BMcc)
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On a mission to get Britain back on its feet, Chancellor George Osborne has outlined an income tax cut worth around £48 per year in today's Budget. The announcement means that the amount people can earn tax free, from April 2012, will rise by £630, increasing the threshold to £8,105.
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