George Osborne’s Budget 2011 news
Good news for personal and business tax payers. Fuel duty cut of 1p per litre. Personal tax allowance threshold increased. Boost for new homes buyers earning less than £60,000 and have 5% deposit saved. Corporation tax reduced by 2% from April 2011 allowing businesses to retain profit for investment etc. Small business relief extended to October 2012. Funding for 40,000 new apprenticeships for unemployed young people.
Pint of beer up 4p, bottle of wine up 15p, bottle of spirits up 54p. 25p on can of “super-strength” lager. Pint of lower strength 2.8% abv beer to fall by 18p.
Tobacco duty increases by 2% above inflation. Hand-rolling tobacco up by 67p. Pack of economy cigarettes up 50p, premium cigarettes up 33p. 10p on pack of five small cigars, 17p on pack of pipe tobacco.
Osborne also revealed that the rate of inflation, currently at 4.4%, is not expected to drop back to the government’s 2% target until 2013, contrary to the Bank of England’s belief it will fall back by 2012.
A full budget account from the Chancellor, George Osborne, was presented on 23 March 2011 and can be seen here.