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Pre-budget report at a glance

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  • Pre-budget report at a glance


    Fiscal stimulus

    • Overall fiscal stimulus package worth £20bn by April 2010
    Tax revenue

    • Tax revenue from financial sector down 35% this year
    Spending

    • Spending worth £3bn on capital projects to be brought forward from 2010-11
    Efficiency savings

    • Government has achieved efficiency savings of £26.5bn – £5bn over target
    • Efficiency savings to total £35bn by 2010-11
    Borrowing

    • Borrowing to rise to £78bn this year, and £118bn next year
    • Debt as a proportion of GDP to peak at 57% in 2013-14
    • Government to resume borrowing only to invest by 2015-16
    Growth

    • Output to fall for first two quarters of 2009 before starting to recover
    • Growth for 2009 forecast at between -0.75% and -1.25%
    • Growth for 2010 forecast at between 1.5% and 2%
    Fiscal rules

    • Confirmed abandonment of Gordon Brown's "golden rule". Darling said it would be "perverse and damaging" to apply it in current circumstances
    Banking

    • Review of financial regulation in crown dependencies like the Channel Islands ordered
    Tax

    • VAT to be cut to 15% from Monday until 2010
    • The increase in income tax allowances announced earlier this year to be made permanent. Allowances to be raised, so this will be worth £145 a year to 22 million basic-rate taxpayers
    • National insurance to rise by 0.5% on all rates of national insurance from 2011
    • Top rate of income tax to rise to 45% on those earning more than £150,000 – the top 1% of earners – from 2011
    Bank lending

    • Seven UK banks to get funds worth a total of £1bn to make lending to firms easier
    • Another £1bn to be available for lending to small businesses through a temporary small-business financing scheme
    • Another £1bn available to support businesses through the export credit guarantee department
    Air passenger duty

    • Air passenger duty to be reformed so that longer journeys are charged more
    Energy efficiency

    • Another £150m to be made available to fund energy-saving measures
    • Government to consider using legislation to force energy companies to pass on savings when oil prices fall
    Housing

    • Government to seek EU approval for a scheme that would provide guarantees for mortgage-backed securities
    • Lenders have agreed to wait three months after homeowners fall into difficulties before seeking repossession
    • Limit at which homeowners can apply for help with mortgage payments if they lose their jobs to be raised to mortgages worth £200,000

    • More than £1bn to be made available to increase funding for social housing
    Unemployment

    • Gordon Brown to chair a new national employment partnership to help the unemployed find work
    • Total package of measures to help the unemployed worth £1.3bn
    Drivers

    • The introduction of the new VED bands to go ahead, but they will be introduced more gradually
    • Next year the maximum increase will be £5
    • From 2010 the maximum increase per car will be £30, not up to £90 as planned
    Families

    • Planned increase in the child element of the children's tax credit to be brought forward
    • The planned child benefit increase, from £18.80 per week to £20 per week, will come in from January, not April as planned
    Pensioners

    • Pensioners to get a one-off payment worth £60, on top of their £10 Christmas bonus, in January



    guardian.co.uk © Guardian News & Media Limited 2008 | Use of this content is subject to our Terms & Conditions | More Feeds

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