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PRO
Today is the day that Chancellor, George Osborne, delivers the emergency budget to the nation. Budgets are usually scheduled for April and November but with the need to deliver severe austerity measures to reduce the UK's massive deficit, this emergency budget is crucial for the financial health of the nation. As the news filters through, add your thoughts and opinions as well as links to news items that might have a bearing on you and your business in the short, medium and long term.

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  • PRO
    The Parliament website is one good source of info.
  • PRO
    I've set up a number of RSS feeds here.
  • PRO
    The VAT debate - will they or won't they raise VAT? - Some thoughts from BBC political editor Nick Robinson.
  • PRO
    Watch the budget live on the internet http://www.number10.gov.uk/
  • PRO
    Vat to rise to 20%
  • PRO
    Budget highlights:

    VAT rises to 20pc from 17.5pc from 4th January 2011

    Food, children's clothing remain exempt from VAT

    Capital gains tax to rise to 28% for high-rate taxpayers from midnight tonight

    Capital gains tax stays 18pc for basic-rate taxpayers

    Capital gains tax threshold remains at £10,100 for this year

    Personal income tax allowance increased to £7,475

    Higher rate income tax rate stays the same until 2013/14

    No rise in duty on alcohol, tobacco or fuel

    Planned increase in cider duty (to 10pc) scrapped

    Pensions: Pensions guaranteed to rise in line with with earnings, prices or 2.5pc, whichever is greatest

    A two year pay freeze for public sector

    Pension age raised to 66

    No rise in child benefit for three years

    Child benefit scrapped for families earning more than £40k

    Benefits to rise to be in-line with consumer prices

    Tax credits for families earning more than £40,000 reduced

    Housing benefit restricted to max£400 a week

    Medical assessment brought in for Disability Living Allowance from 2013 for both new and existing claimants

    Government spending will be £637bn in 2010/11rising to £711bn in 2015/16

    UK economy to grow by 1.2pc in 2010 by 2.3pc in 2011 by 2.8pc in 2012

    Unemployment to peak at 8.1pc in 2010/11 and fall each year to 6.1pc by 2015

    Corporation tax cut to 27pc from next year

    Corporation tax cut by 1pc every year for next three years to - down to 24pc

    Small companies tax rate cut to 20pc

    Tax relief for video games industry scrapped

    UK bank and building society's to pay a levy from 2011 raising more than £2bn yearly

    10pc CGT rate for entrepreneurs extended to first £5m of qualifying gains

    New business start-ups ourside of the south east - Employers National Insurance contributions on first five employees to be waived
  • PRO
    I'm not too pleased about the VAT hike at the quietest time of year for my business....

    -Nick
  • PRO
    I think that was a sensible budget given the current economic climate, and seems to help the low paid, address a lot of anomolies and hopefully will get people off the benefit culture. Not that worried by VAT rise.

    The proof will only be seen longer term - crystal ball time ;-)
  • VAT is a bit of a bitter pill but I think most of my clients will actually be better off!
  • PRO
    Response to the emergency budget from the Forum of Private Business
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