Another year, another Budget. As expected, George Osborne has painstakingly focused on the promotion of businesses and the economy whilst clamping down on tax avoidance and the banks.
Whether you’re an accountant, finance professional, jobseeker, first-time buyer or simply the man on the street, yesterday’s Budget will have some kind of impact on you.
Here are the points of note:
- A personal tax allowance increase of £630 (rising to £8,105) will come into effect from April 2012;
- A £2 billion tax on oil companies has resulted in an immediate cut to fuel duty by 1p, with the expected 4p rise discarded;
- First-time buyers will be offered a £250 million fund shared equity scheme to help them get on the property ladder;
- The forecast for the year’s economic growth has been downgraded, indicating that there is still some way to go;
- Twenty-one new ‘enterprise zones’ will be created, designed to rejuvinate Britain’s businesses;
- A charge on non-dom tax will raise more than £200 million;
- A cut to corporation tax will be offset by bank levy;
- The State Pension Age will rise to 66 by 2020;
- Alcohol duty will rise by 4p, 15p and 54p on a pint, bottle of wine and bottle of spirits respectively.
With cuts in fuel duty, increases to tax allowances, and help for first-time buyers, there is much for the general public – in particular, jobseekers – to appreciate.
The reaction to the 2011 Budget has generally been positive, with the public backing proposals that are designed to drive UK businesses forward. As the changes are implemented, financial leaders will be relied upon to help rebuild the economy.
Didn’t get a chance to catch the speech in full? Have a look at my Wordle below.




