Due to start at 3.30pm.
15.32 Alistair Darling has begun his report to the Commons
15.33 "Britain the fastest growing major economy in the world"
Growth is expected to be 3 per cent this year.
Forecasted growth next year of 2 to 2.5 per cent.
For 2009-2010 2.5 to 3 per cent growth.
Borrowing/debt in Britain lower than the Eurozone, Japan
Surplus of £18 billion
Debt 37.6% in Britain this year
Debt interest 2% of national income next year
Net borrowing £38 billion this year.
Borrowing will fall to £23 billion by 2012.
Departmental spending will rise to £397 billion in 2010 up from £345 billion this year
Armed Forces/Defence - additional £400 million
Defence budget £37 billion by 2010
Foreign Office budget will increase
Single budget for anti-terror work. £3.5 billion in three years time
£700 million for the Home Office for anti-terrorism.
Savings made by departments £30 billion by 2010
Home Office and Ministry of Justice to £20 billion by 2010
Research and science to £6 billion by 2010
Health Research £1.7 billion by 2010
Transport £14.5 billion by 2010
Corporation tax cut next year by 2p to 28p
Capital Gains Tax taper relief to be 18%
Private Equity tax loopholes to be closed
Non-domicile tax payers. There are 115,000 registered non-domiciles. Only 15,000 would have enough wealth to pay a £25,000 flat tax.
Tory non-domicile plans would have a £2 billion shortfall
Flat rate charge for non-doms to be introduced. Will raise £650 million. Charge introduced after 7 years of non-dom status. Higher rate after 10 years of non-dom.
Capital Gains taper relief to be withdrawn next April
£800m for flood defences by 2010
2009 airline duty to be levelled on flights rather than passengers
Overseas aid to rise to £9 billion by 2010
Child maintenance doubled to £20 a week next year
Child tax credit increasing to £175 a year next year
Pension credit to be £260 per year for a single person
Extra £200m to fund free national bus travel
£4 billion over 3 years to renovate homes
Inheritance tax threshold up to £600,000 from today
For couples the threshold will rise to £700,000
Backdated for every widow or widower
NHS Funding will 4% above inflation
NHS funding rises from £90bn to £110bn by 2010