UK Chancellor opens up Britain for business with bold budget

MailOnline: Britain’s Chancellor, George Osborne, is claiming that he is the ‘man with the plan’ to get Britain’s troubled business industry back on track. In the budget, reckoned to be one of the boldest in Britain’s recent ‘cash-strapped’ financial crisis, his ‘stimulus’ plan includes:-

  • personal tax allowances rise by £630 to £8,105 in April 2012;
  • fuel duty cut by 1p from 6pm tonight
  • interest-free loans to be made available for first-time buyers
  • company tax to be reduced by 2% from April and 1% in each of the following three years until it is at 23%;
  • possible merger of income tax and National Insurance contributions;
  • a promise to keep inflation at between 4% and 5% this year.

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It is estimated that more than 20% of UK taxpayers will see their income tax bills go down by £320 per annum.

In the meantime, a group of women demonstrated outside Downing Street before the budget announcement protesting that it was a ‘banker’s’ budget and would negatively affect lives of women. They are saying that the budget was bad for women as it included the closure of women’s refuges, cutting child benefits, putting back maternity rights and also major public sector job losses.

Demo: Protesters chain themselves together outside the security gates of Downing Street in London in a bid to stop Chancellor George Osborne leaving to go to the House of Commons to present his annual Budget
[Finance and Economy Contributor]
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