Magazine article Public Finance

News: In Brief

Magazine article Public Finance

News: In Brief

Article excerpt

BUDGET 2013 AT A GLANCE

WHITEHALL CUTS

Spending cuts of 1% for most Whitehall departments in 2013/14 and 2014/15 - exemptions for health, schools, international aid and local government in the first year

CAPITAL INCREASE

An annual £3 bn boost to infrastructure investment from 2015/16 funded by cuts in revenue spending

PAY CAPS

Public sector pay rises will continue to be capped at 1% into 2015/16 and an end to automatic pay progression

TAX ALLOWANCES

The personal tax allowance rises to £10,000 from April 2014

COMPANY TAX DROP

Corporation tax is to be cut to 20% by April 2015, the lowest in any major economy

HOME BUYER HELP

The Help to Buy scheme will provide shared equity loans and mortgage guarantees worth £130bn to help kick-start the housing market

DEVOLVED FUNDS

Single funding pots will be devolved to local enterprise partnerships to fund transport, skills and housing

MPC FLEXIBILITY

The Bank of England's Monetary Policy Committee will be given greater leeway on its inflation target and scope to set longerterm interest rates

NI CUTS FOR FIRMS

An Employment Allowance will cut £2,000 off employers' National Insurance bills

BEER TAX LOWERED

The beer duty escalator has been scrapped and beer tax cut by a penny. …

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