{"id":30447,"date":"2013-03-20T12:23:52","date_gmt":"2013-03-20T11:23:52","guid":{"rendered":"http:\/\/www.huffingtonpost.co.uk\/2013\/03\/20\/budget-2013-live-at-a-glance_n_2914269.html?utm_hp_ref=uk-politics?ncid=GEP"},"modified":"2013-03-20T12:23:52","modified_gmt":"2013-03-20T11:23:52","slug":"at-a-glance-guide-to-the-budget","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/breaking-news\/at-a-glance-guide-to-the-budget\/","title":{"rendered":"At A Glance Guide To The Budget"},"content":{"rendered":"<div itemprop=\"articleBody\">\n<p><strong><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&#038;u=http%3A%2F%2Fwww.huffingtonpost.co.uk%2F2013%2F03%2F20%2Fbudget-2013-live-at-a-glance_n_2914269.html%3F1363779279\" >Follow George Osborne&#8217;s Budget 2013 live here with our &#8216;At A Glance&#8217; guide to all the big decisions on the economy.<\/a><\/strong><\/p>\n<blockquote>\n<p><strong>George Osborne started by saying:<\/strong><\/p>\n<p>&#8220;Today, I\u2019m going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them.<\/p>\n<p>&#8220;It is taking longer than anyone hoped, but we must hold to the right track. And by setting free the aspirations of the nation, we will get there.<\/p>\n<p>&#8220;This is a Budget for those who aspire to own their own home; who aspire to get their first job; or start their own business; A Budget for those who want to save for their retirement and provide for their children.<\/p>\n<p>&#8220;It is a Budget for our Aspiration Nation.&#8221;<\/p>\n<\/blockquote>\n<p><strong>On the ECONOMY Osborne says:<\/strong><\/p>\n<ul>\n<li>Compared to this time last year, the OBR now expect 600,000 more jobs in 2013 \u2014 and there will be 60,000 fewer people claiming unemployment benefit.<\/li>\n<li>We\u2019ve seen more people in work than ever before \u2014 including a record number of women.<\/li>\n<li>A quarter of a million fewer workless households than two years ago.<\/li>\n<li class=\"c9\">\n<ul>\n<li>The employment rate has been growing faster than in the US and three times as fast as in Germany.<\/li>\n<li>And the unemployment rate is lower than when we came to office.<\/li>\n<li class=\"c9\">\n<ul>\n<li>Deficit has fallen from 11.2 per cent of GDP in 2009-10, to a forecast of 7.4 per cent this year.<\/li>\n<li class=\"c9\">\n<ul>\n<li>Public sector net debt is forecast to be 75.9 per cent of GDP this year.<\/li>\n<\/ul>\n<blockquote>\n<p><strong>Osborne adds:<\/strong><\/p>\n<p>&#8220;Ask the British people and they\u2019ll tell you: our problem as a country is not that we\u2019re taxed too little but that the government spends too much.<\/p>\n<p>&#8220;I agree with them. So the tax cuts in this Budget aren\u2019t borrowed; they are paid for. That\u2019s our way \u2014 and it\u2019s the only responsible way to lower taxes.&#8221;<\/p>\n<p>He added: &#8220;When money is short, we make no excuses for the rigorous financial management we have run across Whitehall.&#8221;<\/p>\n<\/blockquote>\n<p><strong>TAX<\/strong><br \/>From 2014, there will be no income tax at all on the first \u00a310,000 of your salary.<\/p>\n<p><strong>HOUSING<\/strong><\/p>\n<ul>\n<li>Help to Buy. Equity loan worth up to 20 per cent of the value of a new build home \u2014 to anyone looking to move up the housing ladder.<\/li>\n<li>You put down a five per cent deposit from your savings, and the government will loan you a further 20 per cent.<\/li>\n<li>The loan is interest free for the first five years. It is repaid when the home is sold.<\/li>\n<li>Only constraint will be that the home can\u2019t be worth more than \u00a3600,000 \u2014 but this covers well over 90 per cent of all homes.<\/li>\n<\/ul>\n<ul>\n<li>Help families who want a mortgage for any home they\u2019re buying, old or new, but who cannot begin to afford the kind of deposits.<\/li>\n<li>A new Mortgage Guarantee. This will be available to lenders to help them provide more mortgages to people who can\u2019t afford a big deposit.<\/li>\n<\/ul>\n<ul>\n<li>Offering guarantees sufficient to support \u00a3130 billion of mortgages.<\/li>\n<li>It will be available from start of 2014 \u2014 and run for three years.<\/li>\n<\/ul>\n<p><strong>BUSINESS<\/strong><\/p>\n<ul>\n<li>Employment Allowance will work by taking the first two thousand pounds off the employer National Insurance bill of every company.<\/li>\n<li>450,000 small businesses \u2014 one third of all employers in the country &#8211; will pay no jobs tax at all.<\/li>\n<\/ul>\n<ul>\n<li>Increase by fivefold the value of government procurement budgets spent through the Small Business Research Initiative.<\/li>\n<\/ul>\n<ul>\n<li>Introducing capital gains tax relief for sales of businesses to their employees.<\/li>\n<li>Double to \u00a310,000 the size of the loans that employers can offer tax free to pay for items such as season tickets for commuters.<\/li>\n<\/ul>\n<ul>\n<li>Increasing the rate of the above the line R &amp; D credit to 10 per cent.<\/li>\n<li>Abolish the schedule 19 tax which is only payable by UK domiciled funds.<\/li>\n<li>Abolishing altogether stamp duty on shares traded on growth markets such as AIM.<\/li>\n<li>Reduce the main rate of corporation tax by another 1 per cent.<\/li>\n<li>Increasing the Bank Levy rate next year to 0.142 per cent.<\/li>\n<\/ul>\n<p><strong>HEALTH<\/strong><\/p>\n<ul>\n<li>Budgets will remain protected \u2014 &#8220;because our promise to our NHS is a promise we will keep.&#8221;<\/li>\n<\/ul>\n<p><strong>EDUCATION<\/strong><\/p>\n<ul>\n<li>Budgets will remain protected<\/li>\n<\/ul>\n<p><strong>LOCAL GOVERNMENT AND POLICE<\/strong><\/p>\n<ul>\n<li>Local government and police allocations for 2013-14 have already been set out and will not be affected<\/li>\n<\/ul>\n<p><strong>ARMED FORCES<\/strong><\/p>\n<ul>\n<li>Exempt our military from changes to progression pay<\/li>\n<li>Further awards from the LIBOR banking fines have gone to good military causes<\/li>\n<\/ul>\n<p><strong>TRANSPORT<\/strong><\/p>\n<ul>\n<li>Boost our infrastructure plans by \u00a33 billion a year from 2015-16<\/li>\n<\/ul>\n<p><strong>ENERGY<\/strong><\/p>\n<ul>\n<li>I am introducing a generous new tax regime, including a shale gas field allowance, to promote early investment.<\/li>\n<\/ul>\n<p><strong>TAX AVOIDANCE<\/strong><\/p>\n<ul>\n<li>New rules to stop the abuse of partnership rules, corporate tax losses and offshore employment intermediaries.<\/li>\n<li>First ever General Anti-Abuse Rule.<\/li>\n<li>Name and shame the promoters of tax avoidance scheme.<\/li>\n<\/ul>\n<p><strong>PENSIONS<\/strong><\/p>\n<ul>\n<li>Flat rate pension accessible to everyone and worth \u00a3144 a week.<\/li>\n<li>Bringing forward the introduction of the new Single Tier Pension to 2016.<\/li>\n<\/ul>\n<ul>\n<li>Ex-gratia payments of \u00a35,000 to those Equitable Life policyholders; and we\u2019ll make an extra \u00a35,000 available to those on the lowest incomes who are on pension credit.<\/li>\n<\/ul>\n<ul>\n<li>Protect savings above \u00a372,000, and we\u2019ll raise the threshold for the means test on residential care from just over \u00a323,000 to \u00a3118,000.<\/li>\n<\/ul>\n<p><strong>DUTY<\/strong><\/p>\n<ul>\n<li>Cancelling this September\u2019s fuel duty increase altogether.<\/li>\n<li>Scrap the beer duty escalator altogether. And instead of the 3p rise in beer duty tax planned for this year I am cancelling it altogether.<\/li>\n<li>Cut beer duty by 1p. &#8220;We\u2019re taking a penny off a pint.&#8221;<\/li>\n<\/ul>\n<blockquote>\n<p><strong>A croaky Osborne finishes:<\/strong><\/p>\n<p>&#8220;We understand that the way to restore our economic prosperity is to energise the aspirations of the British people.<\/p>\n<p>&#8220;If you want to own your own home;<br \/>&#8220;If you want help with your childcare bills;<br \/>&#8220;If you want to start your own business;<br \/>&#8220;Or give someone a job;<br \/>&#8220;If you want to save for your retirement;<br \/>&#8220;And leave your home to your children;<br \/>&#8220;If you want to work hard and get on;<br \/>we are on your side.<\/p>\n<p>&#8220;This is a Budget that doesn\u2019t duck our nation\u2019s problems.<\/p>\n<p>&#8220;It confronts them head on.<\/p>\n<p>&#8220;It is a Budget for an aspiration nation.<\/p>\n<p>&#8220;It is a Budget for a Britain that wants to be prosperous, solvent and free.<\/p>\n<p>&#8220;And I commend it to the House.&#8221;<\/p>\n<\/blockquote>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pixel.quantserve.com\/pixel\/p-89EKCgBk8MZdE.gif\" border=\"0\" height=\"1\" width=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<div itemprop=\"articleBody\">\n<p><strong><a href=\"http:\/\/redirect.viglink.com\/?key=11fe087258b6fc0532a5ccfc924805c0&amp;u=http%3A%2F%2Fwww.huffingtonpost.co.uk%2F2013%2F03%2F20%2Fbudget-2013-live-at-a-glance_n_2914269.html%3F1363779279\" target=\"_hplink\">Follow George Osborne&#8217;s Budget 2013 live here with our &#8216;At A Glance&#8217; guide to all the big decisions on the economy.<\/a><\/strong><\/p>\n<blockquote>\n<p><strong>George Osborne started by saying:<\/strong><\/p>\n<p>&#8220;Today, I&rsquo;m going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them.<\/p>\n<p>&#8220;It is taking longer than anyone hoped, but we must hold to the right track. And by setting free the aspirations of the nation, we will get there.<\/p>\n<p>&#8220;This is a Budget for those who aspire to own their own home; who aspire to get their first job; or start their own business; A Budget for those who want to save for their retirement and provide for their children.<\/p>\n<p>&#8220;It is a Budget for our Aspiration Nation.&#8221;<\/p>\n<\/blockquote>\n<p><strong>On the ECONOMY Osborne says:<\/strong><\/p>\n<ul>\n<li>Compared to this time last year, the OBR now expect 600,000 more jobs in 2013 &ndash; and there will be 60,000 fewer people claiming unemployment benefit.<\/li>\n<li>We&rsquo;ve seen more people in work than ever before &ndash; including a record number of women.<\/li>\n<li>A quarter of a million fewer workless households than two years ago.<\/li>\n<li>\n<ul>\n<li>The employment rate has been growing faster than in the US and three times as fast as in Germany.<\/li>\n<li>And the unemployment rate is lower than when we came to office.<\/li>\n<li>\n<ul>\n<li>Deficit has fallen from 11.2 per cent of GDP in 2009-10, to a forecast of 7.4 per cent this year.<\/li>\n<li>\n<ul>\n<li>Public sector net debt is forecast to be 75.9 per cent of GDP this year.<\/li>\n<\/ul>\n<blockquote>\n<p><strong>Osborne adds:<\/strong><\/p>\n<p>&#8220;Ask the British people and they&rsquo;ll tell you: our problem as a country is not that we&rsquo;re taxed too little but that the government spends too much.<\/p>\n<p>&#8220;I agree with them. So the tax cuts in this Budget aren&rsquo;t borrowed; they are paid for. That&rsquo;s our way &ndash; and it&rsquo;s the only responsible way to lower taxes.&#8221;<\/p>\n<p>He added: &#8220;When money is short, we make no excuses for the rigorous financial management we have run across Whitehall.&#8221;<\/p>\n<\/blockquote>\n<p><strong>TAX<\/strong><br \/>From 2014, there will be no income tax at all on the first &pound;10,000 of your salary.<\/p>\n<p><strong>HOUSING<\/strong><\/p>\n<ul>\n<li>Help to Buy. Equity loan worth up to 20 per cent of the value of a new build home &ndash; to anyone looking to move up the housing ladder.<\/li>\n<li>You put down a five per cent deposit from your savings, and the government will loan you a further 20 per cent.<\/li>\n<li>The loan is interest free for the first five years. It is repaid when the home is sold.<\/li>\n<li>Only constraint will be that the home can&rsquo;t be worth more than &pound;600,000 &ndash; but this covers well over 90 per cent of all homes.<\/li>\n<\/ul>\n<ul>\n<li>Help families who want a mortgage for any home they&rsquo;re buying, old or new, but who cannot begin to afford the kind of deposits.<\/li>\n<li>A new Mortgage Guarantee. This will be available to lenders to help them provide more mortgages to people who can&rsquo;t afford a big deposit.<\/li>\n<\/ul>\n<ul>\n<li>Offering guarantees sufficient to support &pound;130 billion of mortgages.<\/li>\n<li>It will be available from start of 2014 &ndash; and run for three years.<\/li>\n<\/ul>\n<p><strong>BUSINESS<\/strong><\/p>\n<ul>\n<li>Employment Allowance will work by taking the first two thousand pounds off the employer National Insurance bill of every company.<\/li>\n<li>450,000 small businesses &ndash; one third of all employers in the country &#8211; will pay no jobs tax at all.<\/li>\n<\/ul>\n<ul>\n<li>Increase by fivefold the value of government procurement budgets spent through the Small Business Research Initiative.<\/li>\n<\/ul>\n<ul>\n<li>Introducing capital gains tax relief for sales of businesses to their employees.<\/li>\n<li>Double to &pound;10,000 the size of the loans that employers can offer tax free to pay for items such as season tickets for commuters.<\/li>\n<\/ul>\n<ul>\n<li>Increasing the rate of the above the line R &amp; D credit to 10 per cent.<\/li>\n<li>Abolish the schedule 19 tax which is only payable by UK domiciled funds.<\/li>\n<li>Abolishing altogether stamp duty on shares traded on growth markets such as AIM.<\/li>\n<li>Reduce the main rate of corporation tax by another 1 per cent.<\/li>\n<li>Increasing the Bank Levy rate next year to 0.142 per cent.<\/li>\n<\/ul>\n<p><strong>HEALTH<\/strong><\/p>\n<ul>\n<li>Budgets will remain protected &ndash; &#8220;because our promise to our NHS is a promise we will keep.&#8221;<\/li>\n<\/ul>\n<p><strong>EDUCATION<\/strong><\/p>\n<ul>\n<li>Budgets will remain protected<\/li>\n<\/ul>\n<p><strong>LOCAL GOVERNMENT AND POLICE<\/strong><\/p>\n<ul>\n<li>Local government and police allocations for 2013-14 have already been set out and will not be affected<\/li>\n<\/ul>\n<p><strong>ARMED FORCES<\/strong><\/p>\n<ul>\n<li>Exempt our military from changes to progression pay<\/li>\n<li>Further awards from the LIBOR banking fines have gone to good military causes<\/li>\n<\/ul>\n<p><strong>TRANSPORT<\/strong><\/p>\n<ul>\n<li>Boost our infrastructure plans by &pound;3 billion a year from 2015-16<\/li>\n<\/ul>\n<p><strong>ENERGY<\/strong><\/p>\n<ul>\n<li>I am introducing a generous new tax regime, including a shale gas field allowance, to promote early investment.<\/li>\n<\/ul>\n<p><strong>TAX AVOIDANCE<\/strong><\/p>\n<ul>\n<li>New rules to stop the abuse of partnership rules, corporate tax losses and offshore employment intermediaries.<\/li>\n<li>First ever General Anti-Abuse Rule.<\/li>\n<li>Name and shame the promoters of tax avoidance scheme.<\/li>\n<\/ul>\n<p><strong>PENSIONS<\/strong><\/p>\n<ul>\n<li>Flat rate pension accessible to everyone and worth &pound;144 a week.<\/li>\n<li>Bringing forward the introduction of the new Single Tier Pension to 2016.<\/li>\n<\/ul>\n<ul>\n<li>Ex-gratia payments of &pound;5,000 to those Equitable Life policyholders; and we&rsquo;ll make an extra &pound;5,000 available to those on the lowest incomes who are on pension credit.<\/li>\n<\/ul>\n<ul>\n<li>Protect savings above &pound;72,000, and we&rsquo;ll raise the threshold for the means test on residential care from just over &pound;23,000 to &pound;118,000.<\/li>\n<\/ul>\n<p><strong>DUTY<\/strong><\/p>\n<ul>\n<li>Cancelling this September&rsquo;s fuel duty increase altogether.<\/li>\n<li>Scrap the beer duty escalator altogether. And instead of the 3p rise in beer duty tax planned for this year I am cancelling it altogether.<\/li>\n<li>Cut beer duty by 1p. &#8220;We&rsquo;re taking a penny off a pint.&#8221;<\/li>\n<\/ul>\n<blockquote>\n<p><strong>A croaky Osborne finishes:<\/strong><\/p>\n<p>&#8220;We understand that the way to restore our economic prosperity is to energise the aspirations of the British people.<\/p>\n<p>&#8220;If you want to own your own home;<br \/>&#8220;If you want help with your childcare bills;<br \/>&#8220;If you want to start your own business;<br \/>&#8220;Or give someone a job;<br \/>&#8220;If you want to save for your retirement;<br \/>&#8220;And leave your home to your children;<br \/>&#8220;If you want to work hard and get on;<br \/>we are on your side.<\/p>\n<p>&#8220;This is a Budget that doesn&rsquo;t duck our nation&rsquo;s problems.<\/p>\n<p>&#8220;It confronts them head on.<\/p>\n<p>&#8220;It is a Budget for an aspiration nation.<\/p>\n<p>&#8220;It is a Budget for a Britain that wants to be prosperous, solvent and free.<\/p>\n<p>&#8220;And I commend it to the House.&#8221;<\/p>\n<\/blockquote>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/pixel.quantserve.com\/pixel\/p-89EKCgBk8MZdE.gif\" border=\"0\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"author":1213,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487],"tags":[],"class_list":{"0":"post-30447","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/30447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1213"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=30447"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/30447\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=30447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=30447"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=30447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}