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UK 'to weather economic storms' UK growth forecast revised down
(10 minutes later)
The UK is "better placed than other economies" to weather financial storms, Chancellor Alistair Darling has told MPs in his Budget statement. UK economic growth will be 0.25% slower this year than predicted in November, Chancellor Alistair Darling has said.
He is expected to announce higher taxes on alcohol and the most polluting cars but the BBC understands he will delay a planned 2p per litre rise in fuel duty. But the UK was "better placed than other economies" to weather financial storms, Mr Darling has told MPs in his first Budget statement.
He said his core purpose was "stability now and in the future".
He is expected to announce higher taxes on alcohol and high polluting cars but has announced a delay to the planned 2p a year fuel duty rise.
Reports suggest the chancellor may also replace air passenger duty with a new tax on flights.Reports suggest the chancellor may also replace air passenger duty with a new tax on flights.
But he is unlikely to make big tax cuts due to strained public finances.
EXPECTED ANNOUNCEMENTS Above-inflation rise on alcohol dutiesDelay 2p rise in fuel duty for six monthsReplace air passenger duty with tax on flightsIntroduce 'showroom tax' of up to £2,000 on least fuel efficient vehiclesRequire supermarkets to charge for plastic bags if they do not scrap themMore cash to tackle child povertyHelp with rising energy costs for poorer families Key points at-a-glanceEXPECTED ANNOUNCEMENTS Above-inflation rise on alcohol dutiesDelay 2p rise in fuel duty for six monthsReplace air passenger duty with tax on flightsIntroduce 'showroom tax' of up to £2,000 on least fuel efficient vehiclesRequire supermarkets to charge for plastic bags if they do not scrap themMore cash to tackle child povertyHelp with rising energy costs for poorer families Key points at-a-glance
Other predicted announcements include a requirement for supermarkets to charge for disposable plastic bags, if they do not voluntarily scrap them.Other predicted announcements include a requirement for supermarkets to charge for disposable plastic bags, if they do not voluntarily scrap them.
He is likely to delay a 2p increase in petrol duty, which had been due to come into effect on 1 April, due to recent increases in crude oil prices.He is likely to delay a 2p increase in petrol duty, which had been due to come into effect on 1 April, due to recent increases in crude oil prices.
But he is expected to announce a "showroom" tax on up to £2,000 on the least fuel efficient vehicles.But he is expected to announce a "showroom" tax on up to £2,000 on the least fuel efficient vehicles.
Mr Darling is also expected to announce above-inflation rises on alcohol duties - in an effort to curb binge drinking.Mr Darling is also expected to announce above-inflation rises on alcohol duties - in an effort to curb binge drinking.
There may also be more money to tackle child poverty, amid warnings that the government could miss its target of halving child poverty by 2010.There may also be more money to tackle child poverty, amid warnings that the government could miss its target of halving child poverty by 2010.
And Mr Darling is expected to provide help with rising energy costs for poorer families, which could mean limiting the tariffs paid on pre-paid gas and electricity meters.And Mr Darling is expected to provide help with rising energy costs for poorer families, which could mean limiting the tariffs paid on pre-paid gas and electricity meters.
HAVE YOUR SAYI would like the 1% stamp duty threshold raised to £350,000.Kevin Kevin, WitneySend us your commentsHAVE YOUR SAYI would like the 1% stamp duty threshold raised to £350,000.Kevin Kevin, WitneySend us your comments
Mr Darling took over as chancellor when Gordon Brown became prime minister last June.Mr Darling took over as chancellor when Gordon Brown became prime minister last June.
The Conservatives say Mr Darling's hands have been tied by the decisions of his predecessor, who they claim borrowed too much in order to fund public sector reforms.The Conservatives say Mr Darling's hands have been tied by the decisions of his predecessor, who they claim borrowed too much in order to fund public sector reforms.
The Lib Dems say the chancellor should do more to help Britain weather coming economic storms.The Lib Dems say the chancellor should do more to help Britain weather coming economic storms.