Tuesday, 9 October 2007

Liveblogging the pre budget report

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Capital Gains taper relief to be withdrawn next April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

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