21/03/2012
Chancellor's Budget Revealed
The Chancellor George Osbourne has announced his budget.
Mr Osborne has said he will be cutting the top rate from 50 pence in the pound to 45 pence by April next year.
He said the rate, currently paid on earnings over £150,000, damaged competitiveness and raised only a third of the £3bn expected.
Meanwhile Mr Osborne has revealed a big hike in the level at which individuals start paying tax to £9,205.
Mr Osborne believes this will give low and middle earners an extra £220 a year.
In terms of other living costs child benefit will also now be removed gradually for those earning more than £50,000.
While the planned 3p fuel cost rise in August is not going to be scrapped as it was hoped and duty on tobacco is set to rise by 5% above inflation from 6pm tonight.
Mr Osborne concluded his budget statement today by saying:"This country borrowed its way into trouble, now it's going to earn its way out."
(LB/GK)
Mr Osborne has said he will be cutting the top rate from 50 pence in the pound to 45 pence by April next year.
He said the rate, currently paid on earnings over £150,000, damaged competitiveness and raised only a third of the £3bn expected.
Meanwhile Mr Osborne has revealed a big hike in the level at which individuals start paying tax to £9,205.
Mr Osborne believes this will give low and middle earners an extra £220 a year.
In terms of other living costs child benefit will also now be removed gradually for those earning more than £50,000.
While the planned 3p fuel cost rise in August is not going to be scrapped as it was hoped and duty on tobacco is set to rise by 5% above inflation from 6pm tonight.
Mr Osborne concluded his budget statement today by saying:"This country borrowed its way into trouble, now it's going to earn its way out."
(LB/GK)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
