Scrappage

BUDGET: As it happened, how it happened

Time 12 years ago

alistair_darling_300FOLLOW our Budget text commentary of the Budget here – in our up-to-the-minute blog.

Below we’re posting Chancellor Alistair Darling’s key comments as he makes them in the House of Commons.

Simply keep hitting F5 (to refresh your browser) to follow our updates.


Deputy ed Richard Aucock will also be posting reaction and comment in our special section – click here to be taken there.

[Latest comments appear at the top]

THE BUDGET 2009

1322: Chancellor sits back down. And that’s it. We’ll bring you reaction to the budget as soon as we get it.

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1321: Tax free ISAs up for £7200, to £10,200. £5100 can be saved in cash. New limit will be introduced this year for those over 50 an d next year fro everyone else. 

1320: Interest rate fall has helped homeowners. But has hit savers, especially pensioners. 

1318: Statutory redundancy pay up from £350 to £380 per week.

1317: We are determined to continue building a fairer society. More help for families and pensioners – child tax credit to increase by £20 next year. 

1316: Building blocks for recovery have been put in place today, says AD. 

1314: Carbon emissions to be cut by 34 per cent by 2020. Give us more detail on scrap scheme!

1310: Capital allowance for businesses doubled to 40 per cent for 2009/10. Broadband network to be extended with investment. 

1308: £500m extra funding for house building. £50m to modernise armed forces housing.

1307: Fuel duty to rise 2 per cent in September. Like we need that.

1307: We will retain our standing as ‘world centre of finance’.  But it needs more regulation. Reform details to be announced. Increased transparency from banks. 

1306: £1bn to help tackle climate change.

1305: Efficiency savings will help fund this. £16bn of property will be sold off.

1304: Capital investment will continue at current high levels.

1303: National debt will fall in 2015/16. That’s one repayment term…

1301: Booze duty up 2 per cent from tonight. Fag duty up 2 per cent from 6pm tonight. Duties will raise £6bn.

1300: 50 per cent tax rate for those earning over £150k from April!

1258: Will scrap scheme be £2k all from Govt? Why no detils in this budget. We need word from Mandelson asap.

1257: Borrowing will be £175bn in 09/10. And £173bn in 2010/11.

1255: Chancellor says Mandelson will give more details on scrappage scheme soon.

1254: SCRAP SCHEME FOR £2k MORE THAN PAPERS WERE PREDICTING. AND SOME LEARNED COLLEAGUES TOO…

1251: SCRAP SCHEME GO. £2k for cars over 10 years old. Time limited to March 2010. Starts next month! 

1250: Loss making companies can reclaim taxes paid on profits in last three years. 

1249: STAMP DUTY HOLIDAY EXTENDED TO END OF YEAR FOR HOMES UNDER £175k

1247: From Jan everyone under the age of 25 who is long term unemployed will be offered a job or a place in training. Creating 250,000 jobs. 

1246: £1.7bn for employment support

1245: We can’t prevent job losses. It will take time for unemployment to start falling. 

1244: Inflation expected to continue coming down sharply. To 1 per cent by end of year.

1242: Growth of 1.25 per cent in 2010 expected. We need to play to our country’s strengths.

1241: Govt actions have ‘safeguarded half a million jobs’. Economy will contract this year. Minus 3 and half per cent for GDP growth expected in 2009. Growth will resume by end of year.

1240: We need a clear path to recovery. We need to invest in Britain’s future. No country has been able to insulate itself from worldwide downturn.

1239: There are no quick fixes or overnight solutions, says chancellor.

1237: Reductions in interest rates are having an affect. Mortgages have been reduced. Tracker mortgage holders saving on average £230 a month. Inflation has come down too.

1236: VAT CUT CONTINUES UNTIL DECEMBER – CHANCELLOR CONFIRMS.

1236: Banks able to lend more to home buyers and businesses. Getting credit flowing again is important. Help is starting to come through now. 


12.35: Exports down 14 per cent. Germany down 21 per cent. Japan 45 per cent.

12.34: AD expects the economy to start growing at end of this year and confident that Britain can and will be a world leader. This budget will help us seize that opportunity.

12.33: Most serious global economic downturn in 60 years. We will not repeat mistakes of past. Govts across world have taken decisive action.

12.32: AD: Help now to get people back into work and support businesses.

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12.31pm: Here we go…

12.23pm: Gordon Brown says he is doing everything he can to help car industry through difficult period and is aware of the problems it is facing.

12.12pm: Gordon Brown and David Cameron slugging it out in PM’s questions before chancellor stands up at half 12.

 

 

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.

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