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.
Coverage has ended
Read the most important announcements below.
–’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