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Follow Alistair Darling's budget live

10:54, 24 March 2010

updated: 10:54, 24 March 2010

Budget 2010 logo
Budget 2010 logo

Today's Budget is set to be a crucial one - coming just weeks before the next General Election.

Chancellor Alastair Darling is set to outline key gains and losses for families and businesses throughout Kent and the rest of the country.

Follow the Budget live as KM Group business editor Trevor Sturgess updates below:

  • Tax on bankers' bonuses has raised £2bn to date, says Chancellor of the Exchequer Alistair Darling in his final Budget before the General Election.
  • He said more tax on banks should be co-ordinated internationally.
  • Basic bank account for people no longer with an account.
  • Therecould be "no return to business as usual for the banks." But he recognised the importance of the sector.
  • Car scrappage scheme has led to a 30 per cent increase in new car sales.

  • UK unemployment was lower than the Euro area and the United States. Mr Darling claims this was because the Government had taken measures to keep people in jobs.

  • Claimant count now stood at 1.6m, lower than it had been in the 1980s and 1990s during previous recessions.
  • 440,000 families had benefited from tax credits.
  • Looking at scrapping automatic retirement at 65. Extra help for people who want to work longer.
  • No one under 24 will need to be unemployed for longer than six months before offer of job under Government-backed scheme.
  • Double stamp duty exemption for first-time buyers from midnight tonight for homes up to £250,000. Nine in 10 first-time buyers will pay no stamp duty. Funded by increase in stamp duty to five per cent on homes over £1m.

  • ISA limits to rise in line with inflation.

  • Mortgage interest support to remain at the higher level for people who have been out of work for more than six months.

  • Personal allowances lowered for people earning £100,000 or more.

  • National insurance increase of 1 per cent waived for those earning £20,000 or less.

  • No other measures on income tax, Vat or National Insurance.

  • Inheritance tax threshold held.

  • Cider duty up 10 per cent above inflation.

  • Alcohol duties up two per cent more than inflation.

  • Fuel duty up by 1p instead of 3p a litre from April.

  • Tobacco duty raised by one per cent above inflation from today.

  • Public pay settlements to be held at one per cent for two years from 2011.

  • Number of civil servants in London cut by a third.

  • Government confirms it intends to proceed with sale of the Dartford Crossing.

  • RBS and Lloyds Banking Group have agreed to increase lending to £94bn, half to small business.

  • UK Finance for Growth investment corporation to boost investment in business. Banks supporting the scheme. 15 per cent of Government business to go to small firms.

  • Business rates cut for one year from October. More than 300,000 businesses will pay no rates.

  • Annual business investment allowance doubled to £100,000. No increase in main rate of Capital Gains Tax.

  • Backing for Crossrail and High Speed 2 between London and the Midlands. Extra £100m to repair local roads and £285m for motorways.

  • Investment bank to control £2bn of equity - some from sale of Channel Tunnel Rail Link - to invest in green energy, including wind farms.

  • Help for manufacture of wind turbines, which could aid plans to build a factory on the Isle of Grain or other Kent locations with deep water access.

  • Growth forecast - 1 - 1.5 per cent in 2010 - 3 - 3.5 per cent in 2011.

  • Inflation target oftwo per cent to be achieved in 2011

  • Income tax receipts higher than expected.

  • Borrowing £11bn lower at £167bn. Borrowing to fall to £163bn in 2011.

  • Mr Darling claims UK has the fastest deficit reduction plan of any G7 country.

  • £35m university enterprise capital fund. £270m funding for universities to create more than 20,000 extra places

  • £4 a week increase in child tax credit from 2012.

  • No pensioner over 75 will pay tax on first £10,000 of income. Winter fuel payments maintained.


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