Budget 2010: At A Glance

TheBusinessDesk.com gives our users a comprehensive guide to all of the key Budget announcements.

Other key announcements include:

Economy:

UK economy contracted by 6% during the recession

Downgrading of growth forecast for 2011 to 3-3.5%

Borrowing forecast at £167bn this year – £11bn lower than expected

Borrowing expected to fall from £163bn in 2010-11 to £74bn by 2014-15

One-off 50% bank bonus tax has raised £2bn, more than twice as much forecast

Business:

£2.5bn one off growth package to support small business and boost skills and innovation

New UK Finance for Growth body to be set up – will include new £200m growth capital fund

Increase proportion of government contracts givento small businesses by 15%

£2bn Green Investment Bank to invest in low-carbon transport and energy, and support businesses in the sector

RBS and Lloyds to provide £94bn in new business loans, mostly to SMEs

Business rates cut for one year from October

Annual investment allowance for small businesses doubled to £100,000

Doubled relief on capital gains tax for entrepreneurs

One-off £270m funding to create 20,000 new university places in key subjects like science

£35m enterprise capital fund to help university innovation and spin-outs

Six month work or training guarantee for under 24s extended for two years

Options to reduce the default retirement age, giving employees stronger rights

Personal:

First time buyer stamp duty abolished for homes under £250,000, from midnight

Stamp duty on houses sold for more than £1m to increase to 5%

Tax allowances for those earning over £100,000 to be gradually removed

Inheritance tax threshold frozen for four years

New tax agreements with Belize, Grenada and Dominica

Basic bank account guaranteed for a million extra people

Winter fuel allowance rates extended

Reduce the hours over-65s have to work to receive work credits

Duty:

Stagger fuel duty increase to 1p in April, 1p in October and 1p in January 2011

Duty on cider will increase by 10% above inflation from midnight on Sunday

Duty on wine, beer and spirit to increase 2% a year for two years

Tobacco duty to increase 1% this year and then 2% each year to 2014

• Budget at-a-glance
• Budget Podcast
• Budget blog: Thanks, Darling!
• Business measures assessed
• Green investment bank welcomed
• Stamp duty moves
• Fuel duty up, but roads improvements promised