Budget
Fairness
Fairness is central to the Government’s strategy for tackling the deficit and creating the right conditions for sustainable growth.
Tackling the deficit will ensure that future generations are not burdened with high debt; it is important for private sector confidence, and supporting growth and job creation.
The Budget sets out the next steps in realising the Government’s vision of a fair, simple and efficient tax, benefit and pensions system that rewards work and personal responsibility. It announces:
- fuel duty will be cut by one penny per litre from 6pm on March 23. The April 2011 inflation-only increase in fuel duty will be deferred to 1 January 2012; the April 2012 increase will be implemented on 1 August 2012;
- a further increase to the income tax personal allowance for under 65s of £630 to £8,105 in April 2012;
- funding for an additional 80,000 work experience placements for young people over the next two years and up to 50,000 additional apprenticeship places over the next four years;
- help for homeowners facing difficulties by extending the temporary changes to the Support for Mortgage Interest Scheme for an additional year, and providing £250m to support first time buyers to purchase a new-build property;
- introducing a reduced rate of inheritance tax of 36 per cent from April 2012 for estates leaving 10 per cent or more to charity; and
- the measures in this Budget, along with other action being taken by the Government, could reduce child poverty by up to 50,000 over the next two years.
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