Emergency Budget 2010: Corporation tax to be cut, IPT to increase, VAT to rise to 20%
The Chancellor George Osborne has today given his Emergency Budget.
We will provide information and reaction on the Budget as soon as we can.
- There will be a 2 year public sector pay freeze (for those earning above £21,000) although those below will get a flat £250 pay rise.
- GDP growth expected to rise 1.2% this year and 2.3% in 2011 and 2.8% in 2012.
- 25% cut in departmental budgets by 2014/15 except foreign aid and NHS (a total of £61bn in cuts will be found and announced on 20 October).
- No reduction in capital spending.
- Deficit to be cut from £149bn
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