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UK growth forecast revised down UK growth forecast revised down
(10 minutes later)
UK economic growth will be 0.25% slower this year than predicted in November, Chancellor Alistair Darling has said. The UK is "better placed than other economies" to weather financial storms, Chancellor Alistair Darling has said.
But the UK was "better placed than other economies" to weather financial storms, Mr Darling has told MPs in his first Budget statement. He made the claim as he admitted that the UK economy was now forecast to grow between 1.75%-2.25% this year - 0.25% below his forecast in October.
He said his core purpose was "stability now and in the future". Mr Darling also postponed for six months a 2p per litre fuel duty rise - but is expected to put up alcohol tax.
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. In his first Budget he announced a big increase in borrowing - £12bn more than in last year's pre-Budget report.
Reports suggest the chancellor may also replace air passenger duty with a new tax on flights. In the speech, which began at 1230 GMT, he is also expected to replace air passenger duty with a new tax on flights.
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 also 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 tipped 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. 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 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.