Government announces the 2009 Pre-Budget Report
Summary
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.
- 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% will apply to discretionary bonuses above £25,000 for individual employees.
- An increase of 0.5% 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; a restriction of pensions tax relief from April 2011.
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