Chancellor Alistair Darling has detailed the Government’s plans to deal with the economic downturn in the Pre-Budget Report to Parliament this afternoon.
Read about the Pre-Budget Report on the Treasury website (new window)
Read the transcript: Pre-Budget Report (new window)
Key measures to be implemented include a cut in VAT from 17.5 to 15 percent from 1 December, a new 45 percent tax band for the highest earners from 2011 and a £1 billion Small Business Finance Scheme.
The Chancellor also signalled the Government’s intention to increase and make permanent the compensation introduced for those adversely affected by the abolition of the 10 pence tax band and also to raise National Insurance contributions by 0.5 percentage points from 2011.
Speaking to the Confederation of British Industry (CBI) today ahead of the Pre-Budget Cabinet meeting, the Prime Minister said the Pre-Budget Report offered a “concerted and comprehensive plan” to help businesses and families through the turmoil.
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