- March 2010 United Kingdom budget
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March 2010 United Kingdom Budget ‹ 2009 · · June 2010 › 
Presented 24 March 2010 (Wednesday) Parliament 54th Party Labour Chancellor Alistair Darling The March 2010 United Kingdom Budget, official known as Budget 2010: Securing the recovery, was delivered by Alistair Darling, Chancellor of the Exchequer, to the House of Commons on 24 March 2010.[1]
The budget speech outlined the Labour Government's fiscal policies prior to the expected United Kingdom general election, 2010 which had to be called before July.
The Budget's main headlines included:
- A one-off "Bank Payroll Tax" on bankers bonus payments, projected to be worth £2bn[2]
- £11bn of savings across Government and a further £5bn savings from targeted spending
- Introduce a new right to open a basic bank account[3]
- Above-inflation increases to alcohol and tobacco duties, with a pledge to redefine strong ciders in September 2010
- To reduce a previously announced fuel duty increase in April 2010, and introduce small increases at intervals
- Temporary increase in small business rate relief
- Threshold for stamp duty raised from £125,000 to £250,000 for first-time buyers for two years, and increased stamp duty on homes over £1,000,000 to 5%
- Pledge of an increase in future ISA savings limits to keep pace with inflation, and confirmed previously announced increase in ISA savings limits
- Introduction of a tax-break for the British video games sector
The Chancellor aimed for public sector net borrowing to fall to 8.5% of GDP by 2011-12, and 4.0% by 2014-15. Public sector net debt was projected to increase to 73% of GDP by 2012-13.
The Treasury published the Finance Bill 2010 on 1 April, running to 240 pages.[4] After the General Election was called on 6 April, the Chartered Institute of Taxation expressed concern at the lack of time for debate on complex measures.[5] In the event, many of the clauses announced in the Budget speech were dropped from the Bill before Parliament was dissolved.[6]
References
- ^ "Budget 2010". BBC News. 2010-03-24. http://news.bbc.co.uk/2/hi/in_depth/business/2010/budget_2010/default.stm. Retrieved 2010-03-24.
- ^ HM Treasury, Budget 2010 Annex C
- ^ [1], Think Money, Chancellor set to announce basic bank accounts for all
- ^ Finance Bill out with just days to make it law, Accountancy Age, 1 Apr 2010
- ^ Just a few hours of scrutiny for Finance Bill as Election announced, Accountancy Age, 6 Apr 2010
- ^ Finance Bill carved out in deadline scramble, Accountancy Age, 7 Apr 2010
External links
- Budget 2010, HM Treasury
- Budget 2010: Securing the recovery, HM Treasury page at the National Archive
Categories:- 2010 in the United Kingdom
- Economy of the United Kingdom
- United Kingdom budgets
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