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Budget 2011- Any changes?

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Budget 2011- Any changes?

So it is that time of the year again, the time everyone dreads as the Chancellor announces his Budget for the forthcoming year, but what effect will this actually have on us? 

These are the main changes that the Chancellor has announced this afternoon,

UK ECONOMY

2011 growth forecast downgraded from 2.1% to 1.7%

2012 forecast also down from 2.6% to 2.5%

Inflation set to remain between 4% and 5% in 2011

FUEL, CIGARETTE AND ALCOHOL DUTIES

No further changes to alcohol duty rates

INCOME TAX

No new personal tax increases

Personal tax allowance to rise a further £630 to £8,015 in April 2012

Consultation on long-term plan to merge income tax and National Insurance

50% top rate of tax to remain but review of how much it raises

BORROWING

Forecast borrowing of £146bn this year, £2.5bn lower than anticipated

Borrowing to fall to £122bn next year, dropping to £29bn by 2015-16

National debt forecast to be 60% of national income this year, up to 71% in 2012

OTHER TAXES AND ALLOWANCES

Council tax to be frozen or reduced this year across England

10% discount on inheritance tax for people leaving 10% of estate to charity

Rise in air passenger duty to be frozen this year

Private jet users to pay passenger duty for first time

Levy on so-called "non-doms" up to £50,000 for those resident in the UK for 12 years

Tax avoidance clampdown to raise £1bn this year

Support for families in the south-west of England with water bills

HOUSING

Government-backed shared equity scheme to help 10,000 first-time buyers

HELP FOR BUSINESS

Corporation tax to be cut by 2% in April, not 1% as previously planned

Bank levy to be adjusted so banks do not pay less tax as a result

43 tax reliefs to be scrapped as part of simplification of tax code

£350m of business regulation to be scrapped

No new regulation on firms with fewer than 10 staff for three years

Business rate relief holiday for small firms extended for another year

New rules to require planners to prioritise growth and jobs

£100m funding for science facilities

21 "enterprise zones" to be launched, backed by tax incentives

JOBS AND SKILLS

Funding for 12 further university technical colleges

40,000 new apprenticeships for young people out of work

Funding for 100,000 work experience placements

PENSIONS

Accepts Hutton review of reform of public sector pension contributions

Long-term aim for £140 a week flat-rate state pension - not to apply to current pensioners

TRANSPORT

£100m for repairing potholes in England

£200m support for regional railways in England

GREEN MEASURES

£2bn extra funding for Green Investment Bank - to launch in 2012

So as you can see not much has changed from the emergency budget that was produced last June but this is because the Chancellor doesn't have much room to manovoure in the current economic climate.

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