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09/10/2007
Darling Delivers Pre-Budget Report
Chancellor Alistair Darling has delivered his pre-Budget report in the Commons.
Mr Darling predicted that Britain's economy would grow between 2% and 2.5% next year. Although this was down 0.5% on predictions, the Chancellor said that the economy was strong enough to withstand turbulence in the world economy. He also said that inflation would be on target for 2% in 2008 and 2009.
Mr Darling also announced that he would increase the inheritance tax threshold for married coupled to £700,000 from 2010 and also outlined plans to close tax loopholes for bosses in the private equity industry and UK residents who take advantage of non-domicile status by registering abroad for tax purposes.
Both issues had been brought up during the recent annual Conservative party conference, where the Tories proposed charging a 'non-doms' a flat rate of £25,000 and pledged to raise the inheritance tax limit to £1 million.
Shadow chancellor George Osborne criticised Mr Darling's announcement as "a pre-election budget without an election".
Mr Darling also announced that spending on the NHS in England would increase from £90 billion this year to £110 billion in 2010 and said there would be an additional £400 million of the armed forces.
(KMcA)
Mr Darling predicted that Britain's economy would grow between 2% and 2.5% next year. Although this was down 0.5% on predictions, the Chancellor said that the economy was strong enough to withstand turbulence in the world economy. He also said that inflation would be on target for 2% in 2008 and 2009.
Mr Darling also announced that he would increase the inheritance tax threshold for married coupled to £700,000 from 2010 and also outlined plans to close tax loopholes for bosses in the private equity industry and UK residents who take advantage of non-domicile status by registering abroad for tax purposes.
Both issues had been brought up during the recent annual Conservative party conference, where the Tories proposed charging a 'non-doms' a flat rate of £25,000 and pledged to raise the inheritance tax limit to £1 million.
Shadow chancellor George Osborne criticised Mr Darling's announcement as "a pre-election budget without an election".
Mr Darling also announced that spending on the NHS in England would increase from £90 billion this year to £110 billion in 2010 and said there would be an additional £400 million of the armed forces.
(KMcA)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
