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Budget 2011 - So what were the outcomes?

With the Budget revealed, Chancellor George Osborne has cancelled next month's planned 4p rise in fuel duty in what he has billed his "Budget for growth".

A further 1p will be cut from pump prices immediately - all paid for by a £2bn tax on oil companies. But he did not halt planned rises in alcohol and tobacco tax - 4p on a pint of beer and 15p on a bottle of wine.

Mr Osborne said he wanted this Budget to "put fuel into the tank of the British economy" - and waited until the end of his speech to unveil the bigger than expected fuel duty cut.

He told MPs that he wanted to ease the burden on hard-pressed families. Mr Osborne set out a series of measures to boost enterprise - including a further cut to corporation tax, which will go down by 2% rather than 1% in April.

This is a summary of yesterdays Budgetary outcomes.

Fuel, Cigarettes & Alcohol Duties

  • Fuel duty to be cut by 1p per litre from 18:00 on 23rd March
  • Planned inflation rise in fuel duty due in April to be delayed until 2012
  • Annual 1p above inflation "fuel escalator" rise scrapped until 2015
  • Measures to be paid for by £2bn extra taxes on North Sea oil firms
  • VAT on fuel will not be reduced
  • No additional changes to alcohol duty rates but 2% above inflation rise in excise duties for wine, spirits and beer to go ahead
  • Tobacco duty rates up by 2% above inflation, duty regime to be reformed

Income Tax

  • No personal tax increases
  • Personal tax allowance to rise a further £630 to £8,015 in April 2012
  • Consultation on long-term plan to merge income tax and National Insurance
  • 50% top rate of tax to remain but review of how much it raises

UK Economy

  • 2011 growth forecast downgraded from 2.1% to 1.7%
  • 2012 forecast also down from 2.6% to 2.5%
  • Inflation set to remain between 4% and 5% in 2011, falling to 2.5% in 2012

Borrowing

  • Forecast borrowing of £146bn this year, £2.5bn lower than anticipated
  • Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16
  • National debt forecast to be 60% of national income this year, rising to 71% in 2012 before falling to 69% by 2015

Other Taxes & Allowances

  • Levy of up to £50,000 on so-called "non-doms" resident in the UK for 12 years
  • Support for families in the south-west of England with water bills
  • Tax avoidance clampdown to raise £1bn this year
  • Supplementary tax on North Sea oil firms to rise from 20% to 32%
  • Council tax to be frozen or reduced this year in every English council
  • 10% inheritance tax discount for those leaving 10% of estate to charity
  • Rise in air passenger duty to be frozen this year
  • Private jet users to pay passenger duty for first time
  • Inflation rise in road tax but duty for HGVs frozen

Housing

  • Government-backed shared equity scheme to help 10,000 first-time buyers to purchase properties

Business Support

  • £100m funding for science facilities
  • 21 "enterprise zones" to be created in England, backed by tax incentives
  • Reform of gift aid administration for charitable donations
  • Corporation tax to be cut by 2% in April, not 1% as previously planned
  • Tax to cut by 1% in each of the next three years, reducing it to 23%
  • Bank levy to be adjusted so banks do not pay less tax as a result
  • 43 tax reliefs to be scrapped as part of simplification of tax code
  • No new regulation on firms with fewer than 10 staff for three years
  • Business rate relief holiday for small firms extended for another year
  • New rules to require planners to prioritise growth and jobs

Jobs & Skills

  • Funding for 12 further university technical colleges
  • Extra 40,000 apprenticeships for young people out of work
  • Funding for 100,000 new work experience placements

Pensions

  • The Hutton review of reform of public sector pension contributions was accepted
  • A long-term aim of £140 a week flat-rate state pension - but, not for current pensioners

Transport

  • £100m for repairing potholes in England (not a moment too soon)
  • £200m support for regional railways in England

Green Measures

  • £2bn extra funding for Green Investment Bank - to launch in 2012
  • UK to introduce a carbon price floor for the power sector

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