More from this years Budget from George Osbourne............................Here are the full borrowing forecasts, compared to the previous ones, showing that Osborne has dropped his aim for a £21bn surplus by 2019-20.
- 2015-16: £90.2bn, down from £91.3bn in December’s Autumn Statement
- 2016-17: £75.3bn, down from £75.9bn
- 2017-18: £39.4bn, down from £40.9bn
- 2018-19: £12.8bn, down from £14.5bn
- 2019-20: A £5.2bn surplus, up from a £4bn surplus
- 2020-21: A £7bn surplus, compared with a £21bn surplus
BUDGET CHANGES 2015
- Lifetime pension relief allowance to be cut from £1.25m to £1m saving £600m. Allowance to be indexed from 2018
- Tax avoidance crackdown to raise 3.1bn
- Bank levy to go up raising £900m
- North Sea oil industry to get tax cuts worth 1.3bn
- Corporation tax to be cut by 20% in April
- Abolishing annual tax return altogether
- Cutting beer duty by 1 pence. The second reduction in a row.
- Scotch Whiskey duty by 2%
- Cutting duty on cider by 2%
- Fuel duty increase scheduled for September 2015 to be frozen
- Personal tax free allowance increased to £10,800 next year and £11,000 the year after.
- New help to buy ISA's to help first time buyers
No comments:
Post a Comment