Menu
16/03/2005
Brown's Budget promises for pensioners and homebuyers
Chancellor Gordon Brown has aimed his ninth Budget at pensioners and homebuyers with a series of promises including council tax refunds and an increase in the stamp duty threshold.
In the Budget, which is expected to be the last before the next General Election, Mr Brown unveiled plans to offer pensioners a £200 council tax rebate, as well as free local bus travel – which would also apply to people with disabilities - as part of plans to offer "a fair deal" for pensioners.
The Chancellor also announced plans to increase the pension credit by 13% from now until 2008. Child tax credit will also rise by 13% over the next three years.
Mr Brown also included a series of promises for homebuyers, starting with the doubling of the residential stamp duty threshold, to £120,000 from midnight tonight. The Budget also included plans to make more estates exempt from inheritance tax and introduce two new proposals to encourage first-time homebuyers – firstly, a new partnership with the Council for Mortgage Lenders to create a shared equity scheme that would raise the numbers eligible for low cost home ownership schemes to 100,000 new homebuyers and secondly, plans to build new private homes in council estates. Mr Brown said: "Where once all were tenants, we will offer new opportunities to own your own home".
The Chancellor also froze a number of taxes including petrol duty, air passenger duty, insurance premium tax and company car tax. Duty was also frozen on spirits, cider and sparkling wine, but Mr Brown announced that there would be an increase of 1p on a pint of beer and 4p on a bottle of wine from midnight on Sunday. Cigarettes will also increase in price by 7p per packet from 6pm this evening.
Delivering his Budget speech in the House of Commons, the Chancellor said that Britain was "experiencing the longest period of sustained economic growth since records began in the year 1701".
Mr Brown also stated that he had achieved the forecast for economic growth of 3.1% in 2004 and the growth was set to continue with 3 – 3.5% forecast this year and 2.5 – 3% forecast for 2006.
Other targets that had been met, the Chancellor said, included the reduction of civil service jobs by 12,500, and the relocation of 7,800 jobs from London and the South East to areas including Yorkshire, the Midlands, Scotland and Wales and the first £2 billion of value for money Gershon savings.
Mr Brown also announced plans to reduce "unnecessary inspections" by reducing the number of regulatory bodies from 35 to 9.
The Chancellor also announced plans to build a memorial to the Queen Mother on the Mall, using proceeds from a new coin, which will be released to mark the Queen's eightieth birthday. Mr Brown said: "It is right to honour the life and service of the Queen Mother with a permanent memorial to her."
Conservative leader Michael Howard criticised the Budget as a "vote now, pay later Budget".
Liberal Democrat leader, Charles Kennedy described the Budget as a "sticking plaster" for the General Election."
(KMcA/SP)
In the Budget, which is expected to be the last before the next General Election, Mr Brown unveiled plans to offer pensioners a £200 council tax rebate, as well as free local bus travel – which would also apply to people with disabilities - as part of plans to offer "a fair deal" for pensioners.
The Chancellor also announced plans to increase the pension credit by 13% from now until 2008. Child tax credit will also rise by 13% over the next three years.
Mr Brown also included a series of promises for homebuyers, starting with the doubling of the residential stamp duty threshold, to £120,000 from midnight tonight. The Budget also included plans to make more estates exempt from inheritance tax and introduce two new proposals to encourage first-time homebuyers – firstly, a new partnership with the Council for Mortgage Lenders to create a shared equity scheme that would raise the numbers eligible for low cost home ownership schemes to 100,000 new homebuyers and secondly, plans to build new private homes in council estates. Mr Brown said: "Where once all were tenants, we will offer new opportunities to own your own home".
The Chancellor also froze a number of taxes including petrol duty, air passenger duty, insurance premium tax and company car tax. Duty was also frozen on spirits, cider and sparkling wine, but Mr Brown announced that there would be an increase of 1p on a pint of beer and 4p on a bottle of wine from midnight on Sunday. Cigarettes will also increase in price by 7p per packet from 6pm this evening.
Delivering his Budget speech in the House of Commons, the Chancellor said that Britain was "experiencing the longest period of sustained economic growth since records began in the year 1701".
Mr Brown also stated that he had achieved the forecast for economic growth of 3.1% in 2004 and the growth was set to continue with 3 – 3.5% forecast this year and 2.5 – 3% forecast for 2006.
Other targets that had been met, the Chancellor said, included the reduction of civil service jobs by 12,500, and the relocation of 7,800 jobs from London and the South East to areas including Yorkshire, the Midlands, Scotland and Wales and the first £2 billion of value for money Gershon savings.
Mr Brown also announced plans to reduce "unnecessary inspections" by reducing the number of regulatory bodies from 35 to 9.
The Chancellor also announced plans to build a memorial to the Queen Mother on the Mall, using proceeds from a new coin, which will be released to mark the Queen's eightieth birthday. Mr Brown said: "It is right to honour the life and service of the Queen Mother with a permanent memorial to her."
Conservative leader Michael Howard criticised the Budget as a "vote now, pay later Budget".
Liberal Democrat leader, Charles Kennedy described the Budget as a "sticking plaster" for the General Election."
(KMcA/SP)
Related UK National News Stories
Click here for the latest headlines.
13 March 2006
CBI calls for business tax reduction
The rising burden of taxes is leading to UK businesses losing their competitive edge, the Confederation of British Industry has warned. The CBI launched an attack on 'stealth taxes', which it said where being introduced by the government under the guise of tax revenue protection or 'anti-avoidance' measures.
CBI calls for business tax reduction
The rising burden of taxes is leading to UK businesses losing their competitive edge, the Confederation of British Industry has warned. The CBI launched an attack on 'stealth taxes', which it said where being introduced by the government under the guise of tax revenue protection or 'anti-avoidance' measures.
21 March 2007
Basic income tax rate cut in Brown's eleventh budget
Chancellor Gordon Brown has announced a 2% cut in the basic income tax rate from April 2008 in his eleventh Budget. However, he has also scrapped the 10p lower band, which has prompted critics to claim that most people will not be any better off. The Chancellor also announced that corporation tax would be reduced from 30p to 28p.
Basic income tax rate cut in Brown's eleventh budget
Chancellor Gordon Brown has announced a 2% cut in the basic income tax rate from April 2008 in his eleventh Budget. However, he has also scrapped the 10p lower band, which has prompted critics to claim that most people will not be any better off. The Chancellor also announced that corporation tax would be reduced from 30p to 28p.
07 July 2009
10p Tax Row Rumbles On
Rebel Labour MPs are preparing to muster backbench support in a bid to block the entire Budget, in protest at the decision to scrap the 10p bottom rate of income tax. Prime Minister Gordon Brown is likely to face-down a fresh revolt over the contentious 2007 tax policy.
10p Tax Row Rumbles On
Rebel Labour MPs are preparing to muster backbench support in a bid to block the entire Budget, in protest at the decision to scrap the 10p bottom rate of income tax. Prime Minister Gordon Brown is likely to face-down a fresh revolt over the contentious 2007 tax policy.
22 March 2006
Gordon Brown unveils tenth Budget
Chancellor Gordon Brown has delivered his tenth Budget address today, with a number of changes for schools, road taxes and the environment.
Gordon Brown unveils tenth Budget
Chancellor Gordon Brown has delivered his tenth Budget address today, with a number of changes for schools, road taxes and the environment.
16 March 2005
Howard dismissive of 'vote now, pay later' Budget
Chancellor Gordon Brown had aimed to help out home buyers by raising stamp duty to £120,000, increase the inheritance tax threshold to £263,000 this tax year, to £275,000 from next month, £285,000 next year, and £300,000 the following year.
Howard dismissive of 'vote now, pay later' Budget
Chancellor Gordon Brown had aimed to help out home buyers by raising stamp duty to £120,000, increase the inheritance tax threshold to £263,000 this tax year, to £275,000 from next month, £285,000 next year, and £300,000 the following year.
-
Northern Ireland WeatherThis Evening and Tonight:A dry evening with late sunny spells and some long clear spells overnight. Becoming cloudier across the north towards dawn with a few showers possible. Touch of frost in south. Minimum temperature 0 °C.
