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09/10/2007
Darling Delivers Pre-Budget Report
Chancellor Alistair Darling has delivered his pre-Budget report in the Commons.
Mr Darling predicted that Britain's economy would grow between 2% and 2.5% next year. Although this was down 0.5% on predictions, the Chancellor said that the economy was strong enough to withstand turbulence in the world economy. He also said that inflation would be on target for 2% in 2008 and 2009.
Mr Darling also announced that he would increase the inheritance tax threshold for married coupled to £700,000 from 2010 and also outlined plans to close tax loopholes for bosses in the private equity industry and UK residents who take advantage of non-domicile status by registering abroad for tax purposes.
Both issues had been brought up during the recent annual Conservative party conference, where the Tories proposed charging a 'non-doms' a flat rate of £25,000 and pledged to raise the inheritance tax limit to £1 million.
Shadow chancellor George Osborne criticised Mr Darling's announcement as "a pre-election budget without an election".
Mr Darling also announced that spending on the NHS in England would increase from £90 billion this year to £110 billion in 2010 and said there would be an additional £400 million of the armed forces.
(KMcA)
Mr Darling predicted that Britain's economy would grow between 2% and 2.5% next year. Although this was down 0.5% on predictions, the Chancellor said that the economy was strong enough to withstand turbulence in the world economy. He also said that inflation would be on target for 2% in 2008 and 2009.
Mr Darling also announced that he would increase the inheritance tax threshold for married coupled to £700,000 from 2010 and also outlined plans to close tax loopholes for bosses in the private equity industry and UK residents who take advantage of non-domicile status by registering abroad for tax purposes.
Both issues had been brought up during the recent annual Conservative party conference, where the Tories proposed charging a 'non-doms' a flat rate of £25,000 and pledged to raise the inheritance tax limit to £1 million.
Shadow chancellor George Osborne criticised Mr Darling's announcement as "a pre-election budget without an election".
Mr Darling also announced that spending on the NHS in England would increase from £90 billion this year to £110 billion in 2010 and said there would be an additional £400 million of the armed forces.
(KMcA)
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