Today Alistair Darling is once again the British Public's least favourite person, as he delivers the bad news about what we'll be paying more for in the coming year. So apart from the terrible news for all those cider drinkers out there (with a whopping 10% rise on Cider duty!!), what else have we learned from this year's budget, and is there any good news for jobseekers?
- During the recession the UK economy shrunk by 6%
- For the next 2 years, no under 24 year old will be unemployed for longer than 6 months before being offered work or training. An extension of this scheme until 2012.
-The amount of time over-65s must work in order to receive work credits has been reduced.
- RBS and Lloyds will provide £94 billion in new business loans, giving nearly half to small and medium-sized businesses over the next year.
- A new credit adjudicator will fast-track complaints from smaller firms who say they have been unfairly denied credit.
- No change to capital gains tax rates.
- £35 million enterprise fund to help university-launched businesses.
- £2.5 billion package for small business to boost skills and innovation.
- One year business rate cut from October to help 500,000 companies.
- Investment allowance for small firms is doubled to £100,000.
The Best (or worst) of the Rest
-3p fuel duty rise in 3 stages between April 2010 and January 2011.
-Cider duty to rise by 10% above inflation.
-Wine, beer and spirits to rise by 2% from midnight on Sunday 28th April.
-Tobacco duty up 1% from midnight on Sunday 28th April.
-Good news for first time buyers- Stamp duty has been scrapped for homes below £250,000.
-No changes to VAT or income tax planned.
-Inheritance tax threshold frozen for four years.
-There will be a clampdown on tax avoidance to raise £500 million.
-Reform of housing benefits to save £250 million.
-Education funding for 20,000 new university places in science and maths- but Universities will have to make savings elsewhere.
-The winter fuel allowance rates will be extended for a further year.
-£4 rise in child tax credit for parents with young children from 2012.
-A total of £385m has been promised to maintain the road network.
So, what do you think of the Budget this year? Has the government redeemed itself or made you more mad? Whilst there is positive news on the jobseeking front for under 24's and over 65's... those jobseeking over the age of 24 seem to have been, rather unfairly, left out! Let us know how you feel about the budget in the comments section below...
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