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EDITIONS
Wednesday, 27 November, 2002, 17:01 GMT
Budget report at-a-glance
HIGHLIGHTS

  • No major tax rises

  • Borrowing to rise from 11bn to 20bn

  • Growth targets for this year revised down from 2.5% to 1.6%

  • Plans to consult on increasing landfill tax escalator, currently 13 per metric ton per year, by 3 per ton per year from 2005/2006

  • Britain weathering "worst global economic downturn since 1975" better than other major economies

  • Chancellor warns against inflationary public sector pay deals

  • Mervyn King is to be the new governor of the Bank of England, replacing Sir Edward George, who is retiring

  • 1bn boost in defence spending
  • INTERNATIONAL COMMITMENTS

  • Britain is proposing a new multinational plan to double Third World aid to $100bn a year by 2015
  • Helping secure more debt relief for 26 of the world's poorest poor countries
  • PENSIONS

  • New pension credit to be set for pensioner couple on 120 a week at 21.50 a week extra

  • A couple on 160 a week will receive 17.50 a week extra, while those on 170 a week will receive 13.50 a week

  • A single pensioner with a 110 a week income will receive 11.60 a week

  • Considering further tax and National Insurance reforms to boost child care

    WORK

  • Sir Roy Gardner, chief executive of Manchester United, to head a new apprenticeship task force
  • Expand training and management courses for small businesses

  • More work permits for immigrants

  • Education secretary will announce over three years 75m to promote education and enterprise in schools
  • ENTERPRISE

  • Local authorities will be allowed to keep additional rate income from creation of new businesses

  • Abolish stamp duty on businesses in 2,000 regeneration areas

  • Devolve business support schemes to the regions
  • Formal review of employers' operators liability insurance
  • Consult small businesses on more exemption from VAT
  • Extension of small firms loan guarantee scheme
  • New shareholder executive announced for January
  • ECONOMY

  • PFI contracts to be extended to regeneration projects
  • Office of Fair Trading will scrutinise public sector regulations
  • All public spending pledges will be met
  • Five economic tests on euro entry to be completed by June next year
  • Net borrowing will be 20bn this year, 24bn next year, 19bn in 2004, 19bn in 2005 and 20bn in 2006
  • Current budget surplus is 0.2% this year, rising to 0.7% in four years time
  • Debt this year will be 31% of GDP
  • Sustainable investment rule will be met over the economic cycle
  • 'Golden rule' on borrowing will be met over the economic cycle
  • GDP growth 1.6% this year rising to 2.5% to 3% next year and 3 to 3.5% in 2004
  • More balanced economic growth ahead
  • Inflation target of 2.5% this year will be met

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