Pre-Budget Report 2008 - Facing Global Challenges: Supporting People Through Difficult Times

Cm. 7484

Author:: HM Treasury
Publisher:: TSO (The Stationery Office)

Price: £45.00

Pre-Budget Report 2008 - Facing Global Challenges: Supporting People Through Difficult Times - Front

The 2008 Pre-Budget Report presents updated assessments and forecasts of the economy and public finances, and reports on how - in the face of major global economic shocks - the Government intends to support the economy, businesses and households through these uncertain times while delivering its long-term goals.

Measures announced include:

Temporarily reducing the Value Added Tax (VAT) rate to 15% from 1 December 2008 to 31 December 2009.
Bringing forward £3 billion of capital spending from 2010-11 including introducing a green stimulus supporting low carbon growth and jobs.
Introducing a new additional higher rate of income tax of 45% for those with incomes above £150,000 from April 2011.
Increasing national insurance contributions by 0.5% from April 2011.
Increasing alcohol and tobacco duties.
A two pence per-litre increase in fuel duty from 1 December 2008.

Immediate action to help those individuals and businesses most affected by the economic downturn include:

Increases in the income tax personal allowance.
Bringing forward the increase in Child Benefit.
Increases of the Child Tax Credit and a payment of £60 to all pensioners.
Help through mortgage rescue and Support for Mortgage Interest schemes for eligible homeowners in difficulty and a commitment from major mortgage lenders not to initiate repossession action within at least three months of an owner-occupier going into arrears.
An additional £1.3 billion support for the unemployed to find a new job.
Measures to help small and medium-sized enterprises facing credit constraints.
A new HMRC Business Payment Support Service to allow businesses in temporary financial difficulty to pay their HMRC tax bills on a timetable they can afford.
More generous tax relief for businesses now making losses and the modification of a number of planned tax reforms, including: vehicle excise duty; air passenger duty; and the deferral of the increase in the small companies' rate of corporation tax.

Extent	232 pages	ISBN	9780101748421
Size	A4	Price	£45.00
Format	Paperback	Published	24 Nov 2008
Availability	Out of stock - available to order	Delivery	Delivery options and charges