Pre-budget report December 2009: securing the recovery, growth and opportunity (Cm.) Book

"The Pre-Budget Report 2009 - Securing the Recovery: Growth and Opportunity (Cm. 7747)" presents updated assessments and forecasts of the economy and public finances. It also reports on how, in the face of the downturn, the Government is delivering support to the economy, businesses and households to secure the recovery and provide a platform for growth and opportunity. Announcements in the "Pre-Budget Report 2009" include: support for business and growth, including extending empty property relief and the Enterprise Finance Guarantee and deferring the increase in the Small Companies rate for another year; support for low carbon growth, through doubling from two to four for the UK's commitment to fund carbon capture and storage demonstration projects, including increasing support for low carbon vehicles; and, support for individuals, so that 18-24 year olds claiming Jobseekers Allowances for six months will be guaranteed a job, work placement or work-related skills training. "The Pre-Budget Report 2009" also introduces: a temporary payroll tax for 50 per cent will apply to discretionary bonuses above GBP 25,000 for individual employees; an increase of 0.5 per cent in the employee, employers and self-employed rates of national insurance contributions from April 2011; a freeze in the point at which individuals start to pay the higher rate of income tax in 2012-13; and, a restriction of pensions tax relief from April 2011. "The Pre-Budget Report 2009" also sets out the Government's plans to reduce borrowing by 5.5 per cent of GDP in 2013-14.Read More