Budget 2006: Live Report

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Budget 2006: Live Report

By TrainingZone

Last chancellor to deliver ten budgets in a row was in 1822.

Inflation 2% and on target, economy growing at 2.5%.

Budget to strengthen Britain for global challenges ahead.

Chancellor promises no return to 'boom and bust'.

New remit for debt management office.

Official statistics made the responsibility of independent board. New memorandum of understanding between Bank of England, FSA and Treasury.

Growth expected to be 2-2.5% in 2006, and 2.75-3.25% in 2007.

Britain risen to second among the G7 in national income per head.

First fiscal rule met by a margin of £16 billion.

Net public investment risen to 26 billion.

Net debt fallen to 36.4% of national income, meeting second fiscal rule.

Net borrowing forecast to fall to 1.5%.

Rejected representations for third fiscal rule.

Single budget for medical research worth £1 billion a year.

Simplified process for research funding.

More support for science training in schools.

To boost creative industries, expanding R&D tax credit by doubling the size of companies able to claim 150% R&D tax credit relief.

Review of NI and income tax alignment.

New help for working women.

Minimum wage increased to £5.35.

Introduction of REITS confirmed.

Expansion of shared equity schemes.

Rejected representations to abolish Climate Change Levy, and levy will increase with inflation from 2007.

Will propose fund for developing countries to invest in alternative energy technologies.

Creation of national energy and environmental research institute.

New incentives to encourage energy efficiency.

New fund to promote micro-generation technologies.

Zero rate of road tax for lowest emmission vehicles. New band of £210 for most polluting cars.

Fuel duty frozen until September 2006.

Income tax allowances to rise in line with inflation.

Child element of child tax credit increased. Child benefit increased.

Child Trust fund to include £250 and £500 at age seven.

Tax free childcare voucher to rise.

No change on Corporation Tax.

Cigarettes, wine and beer to rise in line with inflation. Duty on spirits frozen.

ISAs unchanged.

Stamp duty exemption threshold to rise to £125,000.

IHT exemption threshold increased to £325,000.

No expansion in VAT.

£200 million to train Olympic athletes.

£34 million for new National Sports Foundation.

HMRC, Treasury, DWP agree to necessary modernisation through Innovation Fund.

Measures to ensure all young people "have the best of chances".

Average investment per pupil in state sector to rise to level of private sector.

Free off peak national bus travel for pensioners.

Increase in direct payments to schools.

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