- HM Treasury
- TSO (The Stationery Office)
'Budget 2013 (HC 1033)' announces further detail on the Government's deficit reduction plans, new steps to ensure monetary policy continues to support the economy with a new remit for the Monetary Policy Committee (MPC), and further measures to ease the long-term pressure on the public finances.
Central Government departmental expenditure limits will be reduced by £1.1 billion in 2013-14 and by £1.2 billion in 2014-15, with the funds used to support housing. Schools and health budgets will remain unchanged; and public sector pay awards will be limited to an average of 1%.
Budget 2013 is fiscally neutral - action to promote growth includes:
(i) a reduction in corporation tax by 1% in April 2015;
(ii) a £2000 employment allowance per year from April 2014 designed particularly to help charities and small businesses with employer's National Insurance contributions,
(iii) a capital spending increase of £3 billion a year;
(iv) providing £1.6 billion funding to support strategies in 11 key sectors;
(v) the creation of a Single Local Growth Fund;
(vi) introduction of a new housing scheme - Help to Buy - comprising an extension of the First Buy scheme and mortgage guarantee for lenders who offer mortgages to people with a deposit of between 5-20% on homes with a value up to £600,000;
(vii) reducing the qualifying period for Right to Buy;
(viii) doubling the existing affordable homes guarantee programme to support a further 15,000 affordable homes in England by 2015.
This Budget is designed to help those who aspire to work hard and get on, care for their families, buy a home, start or grow a business and save for retirement.
Other measures include:
(a) first £10,000 of income to be tax free in 2014-15;
(b) cancellation of planned fuel duty increases;
(c) a new tax-free Childcare Scheme and increased child support in Universal Credit;
(d) implementation of the £72,000 cap on reasonable social care costs;
(e) reduction of 2% in beer duty; and
(f) a crackdown on tax avoidance, with the Isle of Man, Guernsey and Jersey entering into tax information exchange agreements.
|Format||Paperback||Published||20 Mar 2013|
|Availability||Colour copy: 3 - 5 days||Delivery||Delivery options and charges|