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| Version 1 | Version 2 |
|---|---|
| Budget 'to hit gas guzzlers hard' | Budget 'to hit gas guzzlers hard' |
| (about 2 hours later) | |
| Gordon Brown is expected to radically raise the tax on larger-engined cars in Wednesday's Budget. | Gordon Brown is expected to radically raise the tax on larger-engined cars in Wednesday's Budget. |
| Some reports suggest that road tax on the least fuel efficient cars will double to about £400 a year. | |
| At the same time, business groups have urged Mr Brown not to introduce more company taxes. | At the same time, business groups have urged Mr Brown not to introduce more company taxes. |
| Businesses are paying almost £12bn more in tax in 2008/9 than they were when Labour came to power, the Engineering Employers Federation said. | Businesses are paying almost £12bn more in tax in 2008/9 than they were when Labour came to power, the Engineering Employers Federation said. |
| Surging taxes have hit manufacturer profitability hard and turned many companies away from the UK, it added. | Surging taxes have hit manufacturer profitability hard and turned many companies away from the UK, it added. |
| The Budget's green measures fall short of those demanded by environmental lobbyists, some of whom have called for road tax to be raised to over £1,000 for polluting vehicles. | The Budget's green measures fall short of those demanded by environmental lobbyists, some of whom have called for road tax to be raised to over £1,000 for polluting vehicles. |
| Good news, bad news | Good news, bad news |
| Consultants Ernst & Young believe Gordon Brown is unlikely to introduce any business tax cuts. | Consultants Ernst & Young believe Gordon Brown is unlikely to introduce any business tax cuts. |
| "The best we can hope for is a programme of reduction over the course of the next five years but we are far more likely to see no action at all," the group said in a report on its predictions for this week's budget. | "The best we can hope for is a programme of reduction over the course of the next five years but we are far more likely to see no action at all," the group said in a report on its predictions for this week's budget. |
| Ernst & Young's report also predicted there would be little on offer that would be welcomed by individual tax payers. | Ernst & Young's report also predicted there would be little on offer that would be welcomed by individual tax payers. |
| "The good news is that there are unlikely to be any significant tax increases for individuals," said personal tax partner Patrick Stevens. | "The good news is that there are unlikely to be any significant tax increases for individuals," said personal tax partner Patrick Stevens. |
| Brown certainly packs his bags at an opportune time Peter Spencer, Ernst & Young | Brown certainly packs his bags at an opportune time Peter Spencer, Ernst & Young |
| "The bad news is that anyone thinking that the chancellor will use his last Budget to reduce the tax burden is likely to be disappointed." | "The bad news is that anyone thinking that the chancellor will use his last Budget to reduce the tax burden is likely to be disappointed." |
| Mr Brown is widely expected to tighten the rules on inheritance tax in this, his 11th, Budget . | |
| Meanwhile, with property prices continuing to rise many believe he will act on the issue stamp duty - currently buyers do not pay the duty on properties priced below £125,000. | Meanwhile, with property prices continuing to rise many believe he will act on the issue stamp duty - currently buyers do not pay the duty on properties priced below £125,000. |
| However he may also offer a few concessions to property owners who are prepared to "go green". | However he may also offer a few concessions to property owners who are prepared to "go green". |
| Ernst & Young predict the chancellor will set out more details on the stamp duty land tax exemption for the purchase of so-called "zero carbon" homes, which he first mooted in his Pre-Budget report. | Ernst & Young predict the chancellor will set out more details on the stamp duty land tax exemption for the purchase of so-called "zero carbon" homes, which he first mooted in his Pre-Budget report. |
| 'Missed opportunity' | 'Missed opportunity' |
| Widespread belief that the day will mark Mr Brown's final Budget has sparked a series of appraisals of his time at the helm of the UK's finances. | Widespread belief that the day will mark Mr Brown's final Budget has sparked a series of appraisals of his time at the helm of the UK's finances. |
| Shadow chancellor George Osborne accused Mr Brown of squandering a golden age for the global economy and instead wallowing in his own "self-congratulation". | Shadow chancellor George Osborne accused Mr Brown of squandering a golden age for the global economy and instead wallowing in his own "self-congratulation". |
| "It is the case that for the last 15 years or so the whole world has enjoyed global low inflation, globally low interest rates," Mr Osborne told the BBC. | "It is the case that for the last 15 years or so the whole world has enjoyed global low inflation, globally low interest rates," Mr Osborne told the BBC. |
| "I know Gordon Brown takes credit for that - it's probably more to do with the Chinese work force." | "I know Gordon Brown takes credit for that - it's probably more to do with the Chinese work force." |
| Meanwhile, former Tory chancellor Kenneth Clarke said Mr Brown had "got the public finances into a quite dreadful mess". | Meanwhile, former Tory chancellor Kenneth Clarke said Mr Brown had "got the public finances into a quite dreadful mess". |
| "Brown certainly packs his bags at an opportune time," said Peter Spencer chief economic adviser to the Ernst & Young ITEM Club added. | "Brown certainly packs his bags at an opportune time," said Peter Spencer chief economic adviser to the Ernst & Young ITEM Club added. |
| Mr Spencer added Mr Brown would probably draw a line under his time as chancellor by claiming he has met his fiscal rules and is leaving the economy on track for 3% growth this year. | Mr Spencer added Mr Brown would probably draw a line under his time as chancellor by claiming he has met his fiscal rules and is leaving the economy on track for 3% growth this year. |
| "What he actually leaves is a large structural deficit and a national tax burden rising to its highest in over 20 years," Mr Spencer added. | "What he actually leaves is a large structural deficit and a national tax burden rising to its highest in over 20 years," Mr Spencer added. |