yesMinister’s Executive Summary
Early this afternoon the Chancellor announced the 2012 budget, one which he claimed would help Britain “earn its way in the world”. Following announcements earlier this week Mr. Osborne reduced the top rate of tax from 50p in the pound to 45p in pound. He argued that the high rate of tax did not work as high income earners where moving to tax heavens to avoid the high levels of tax. He further stated that the lower level of tax will generate 5 times the revenue. High income earners however where not the only group that received a tax break; it was also announced that the minimum personal allowance will increase to £9,205.
The Government still has not however addressed the issue of child benefit payments. Even though the tax threshold has increased, issues still remain regarding households with two earners. The wording of the budget document reports a household with a an income of over £60,000, however does not mention a house with a combined income of over £60,000.
There were a few announcements regarding skills policy, however the Chancellor did announce a new Government programme which will aim to make Britain the “Technology Hub”. Over the next few years the Government plans to introduce corporation tax reliefs from April 2013 for the video games, animation and high end television industries.
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