12:00 pm, March 20, 2013
GEORGE OSBORNE is set to deliver the 2013 Budget today – underlining the areas where the government is aiming to cut around £2.5 bn from Whitehall’s spending.
We’ll be keeping an eye on any announcements, which begin from 12:30PM, and we’ll be reporting live underneath with any announcements that could affect the motor industry.
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Coverage has ended
Read the most important announcements below.
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–’40 per cent of all we export, we export to the Eurozone. UK firms now export more goods to EU countries than non-EU ones’
– Economic growth expected: 1.8% in 2014, 2.3% in 2015
– OBR expects 600,000 more jobs in 2013
– ‘We’re spending more on new roads in a generation’
– ‘We now produce more cars for export than we import’
– ‘Creating a low carbon economy should be in a way that creates jobs rather than costing them’
– ‘We’ll support the manufacture of new low carbon vehicles in Britain with tax incentives’
– ‘Research and development is essential for Britain’s future’
– Main rate of corporation tax will drop a further one per cent by 2015
– Government to further crack down on tax avoidance schemes by ‘naming and shaming’ firms
– Fuel duty remains frozen
– September fuel duty increase cancelled altogether. Petrol/diesel 13p/litre cheaper than it would have been.
– Income tax to drop to those with low incomes – no income tax on first £10,000 of salaries from 2014
– ‘Employment allowance’ will take off first £2,000 from first annual employer bill
