Tuesday, 22 June 2010

Budget 2010

E&O accepted

Deficit addressed by 77% budget cut, 23% taxes.
£30bn more budget cuts. Shares in NATS and student loan book to be sold off. Civil List remains unchanged. NAO to audit. £17bn more departmental cuts. Public sector two year pay freeze. Armed forces allowance doubled. Top public sector staff only so earn 20 times lowest. Pension age to 66. Next year, benefits tied to consumer prices. Tax credits only for those under £40,000. Abolish health and pregnancy grant. Child benefit freeze for two years. Disability living allowance rate unchanged, medical assessment introduced. Housing benefit out of control, maximum limits imposed. Mortgage interest relief re-  established. Threshold for employers NI raised. Corporation tax to 27% and one percent cut each year. Small companies rate?
E22%. Capital assets relief over longest period. Plant and equipment relief unchanged. Banking sector, financial activities tax, bank levy from 2011, raising 2bn. Plan to reform corporation tax.
New businesses exceptions for areas outside London and East. Tax rises, VAT 20% from 2011, same exceptions, insurance premiums raised, no change in fuel, alcohol or tobacco duties. Cider duty reduced. Council tax 1% reduction per annum. Capital gains tax, basic rate unchanged, 28% for rest from midnight. Income tax, personal allowance up £1,000. Higher rate tax unchanged. Pensioners, re link to earnings. Additional support child element of tax credit raised.

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