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Pre-Budget Report: At-a-glance

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BudgetAn at-a-glance summary of the Pre-Budget Report. A full copy of Gordon Brown’s speech can be read by clicking here.

Click on the links below to jump down to each section of the Chancellor’s PBR statement:
Small business unit to ‘transform’ tax administration
Business roundup
Low-Skilled Workers to get Free Training
Increasing investment in R&D
Employment expert to lead UK skills review
Critics lash Brown’s family planning
Brown lures lone parents and benefit claimants back to work
Child tax credits and benefits unveiled
Graham plans for SLGS are go
Measures to tackle tax fraud and avoidance
Miscellaneous

Brown to rebuff Golden Rule tarnish
The self-imposed rule states that over the course of the economic cycle, public borrowing should not exceed net public investment (NPI).
For more details, click here

Small business unit to ‘transform’ tax administration
As expected, the Treasury has published a discussion paper on taxation of small businesses.

The paper was promised in the March 2004 Budget report and has been eagerly awaited since the controversial decision in the recent ‘Arctic Systems’ case.
For more details, click
here

Business roundup
In his pre-budget report, the Chancellor of the Exchequer Gordon Brown said that he wanted to meet “US levels of productivity” and to achieve a faster rate of growth than competitors.

To meet the productivity challenge, the Chancellor announced a number of measures:
For more details, click here

Low-Skilled Workers to get Free Training
Employer Training Pilots (ETPs) are to be extended to the whole of England, Chancellor Gordon brown announced in his Pre-Budget Report.
For more details, click here

Increasing investment in R&D
Gordon Brown announced the implementation of a ten-year ‘Science and Innovation Investment Framework’, strengthening the partnership with business on raising investment in UK R&D and improving business-university collaboration.

Under the banner of “promoting enterprise, innovation and skills” he stated that Britain has high employment levels but the amount of output produced per worker – productivity – has historically been lower than in other major economies. Recent figures suggest the UK’s performance is improving, with productivity on an output per worker basis now higher than Germany and moving closer to France.
For more details, click here

Employment expert to lead UK skills review
An independent review of the UK’s skills needs is to take place, chancellor Gordon Brown has announced.

The review is to be led by chairman of the National Employment Panel Sandy Leitch.
For more details, click here

Critics lash Brown’s family planning
Announced in the Commons this afternoon, Chancellor Gordon Brown has unveiled a package of reforms to help get parents of young children back in the workplace.

The Government’s commitment to ‘building a fairer and more inclusive society’ in which everyone can contribute from lone parents to those on incapacity benefits is supported by a number of reforms to the tax and benefit system to tackle child poverty and boost family incomes.
For more details, click here

Brown lures lone parents and benefit claimants back to work
“It is time” announced Chancellor Gordon Brown in his Pre-Budget Report to the Commons to “attract into work lone parents and incapacity benefit recipients with the capacity to work.”

Forty pounds a week will be offered to 250,000 lone parents or £2000 a year for the first year they get back to work.
For more details, click here

Child tax credits and benefits unveiled
Central to these reforms are a planned extension to be implemented by 2007 to the Ordinary Maternity Leave period from six to nine months. Child tax credits and benefits will also play their part.
For more details, click here

Graham plans for SLGS are go
In his pre-budget report speech the Chancellor confirmed that he would be implementing the recommendations of Teresa Graham’s report on the Small Loans Guarantee Scheme (SFLG).
For more details, click here

<a id="Measures to tackle tax fraud and avoidance
The Chancellor announced several measures aimed at “tackling tax fraud and avoidance”.

Some measures have been introduced in response to more than 400 disclosures already made under the new Disclosure of Tax Avoidance Schemes rules, which provide “early warning” of schemes enabling the Government to respond with legislation or litigation.

The revenue departments would continue to analyse disclosures received, the Treasury said, and take further action “as and when appropriate”. Further details will be available on the Revenue and Customs websites.
For more details, click here

Miscellaneous
More details of other PBR announcementss, including topics such as:

  • Climate change
  • Unemployed



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