22 April 2009

The key points

From the BBC

CIGARETTES AND ALCOHOL
• Alcohol and cigarettes taxes to go up 2% from midnight
• Fuel duty to rise by 2p per litre from September

CAR SCRAPPAGE SCHEME
• From next month motorists to get £2,000 discount on new cars if they trade in cars older than 10 years - this will remain in place until March 2010

UK ECONOMY
• Economy forecast to shrink 3.5% in 2009
• Growth expected to pick up in 2010, expanding by 1.25%.
• Economy to grow by 3.5% annually from 2011
• Public borrowing to increase to £175bn this year
• Borrowing levels to rise by £173bn, £140bn, £118bn and £97bn in years after
• Consumer price inflation to fall to 1% by end of year.

OTHER TAX MEASURES
• Income tax for those earning more than £150,000 to rise to 50% from April 2010
Tax relief on pensions for those paid more than £150,000 to be reduced

JOBS AND TRAINING
• Government support for economy to protect 500,000 jobs
• All long-term unemployed under 25s to be offered job or training
• £1.7bn additional resources for Job Centre network
• £250m funding to help people get work experience in growth industries
Funding to create 54,000 new places in sixth form education

HOUSING
• Scheme to guarantee mortgage backed securities to boost lending
• Stamp duty holiday for homes up to £175,000 to be extended to end of year
• Extra £80m for shared equity mortgage scheme
£500m to kickstart stalled housing projects
£100m for local authorities to build energy efficient homes
£50m to upgrade housing for the armed forces

GOVERNMENT SAVINGS
An extra £9bn in efficiency savings is planned
Public spending to be cut from 1.1% next year to 0.7% in 2011-2012

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