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Budget 2006: Live report

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Budget

  • Last chancellor to deliver ten budgets in a row was in 1822.


  • Inflation 2% and on target, economy growing at 2.5%.


  • Budget to strengthen Britain for global challenges ahead.


  • Chancellor promises no return to ‘boom and bust’.


  • New remit for debt management office.


  • Official statistics made the responsibility of independent board. New memorandum of understanding between Bank of England, FSA and Treasury.


  • Growth expected to be 2-2.5% in 2006, and 2.75-3.25% in 2007.


  • Britain risen to second among the G7 in national income per head.


  • First fiscal rule met by a margin of £16 billion.


  • Net public investment risen to 26 billion.


  • Net debt fallen to 36.4% of national income, meeting second fiscal rule.


  • Net borrowing forecast to fall to 1.5%.


  • Rejected representations for third fiscal rule.


  • Single budget for medical research worth £1 billion a year.


  • Simplified process for research funding.


  • More support for science training in schools.


  • To boost creative industries, expanding R&D tax credit by doubling the size of companies able to claim 150% R&D tax credit relief.


  • Review of NI and income tax alignment.


  • New help for working women.


  • Minimum wage increased to £5.35.


  • Introduction of REITS confirmed.


  • Expansion of shared equity schemes.


  • Rejected representations to abolish Climate Change Levy, and levy will increase with inflation from 2007.


  • Will propose fund for developing countries to invest in alternative energy technologies.


  • Creation of national energy and environmental research institute.


  • New incentives to encourage energy efficiency.


  • New fund to promote micro-generation technologies.


  • Zero rate of road tax for lowest emmission vehicles. New band of £210 for most polluting cars.


  • Fuel duty frozen until September 2006.


  • Income tax allowances to rise in line with inflation.


  • Child element of child tax credit increased. Child benefit increased.


  • Child Trust fund to include £250 and £500 at age seven.


  • Tax free childcare voucher to rise.


  • No change on Corporation Tax.


  • Cigarettes, wine and beer to rise in line with inflation. Duty on spirits frozen.


  • ISAs unchanged.


  • Stamp duty exemption threshold to rise to £125,000.


  • IHT exemption threshold increased to £325,000.


  • No expansion in VAT.


  • £200 million to train Olympic athletes.


  • £34 million for new National Sports Foundation.


  • HMRC, Treasury, DWP agree to necessary modernisation through Innovation Fund.


  • Measures to ensure all young people “have the best of chances”.


  • Average investment per pupil in state sector to rise to level of private sector.


  • Free off peak national bus travel for pensioners.


  • Increase in direct payments to schools.


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