12.30 Here we go
12.31 Green already in
12.31 Rebuild financial services - radically I hope
12.32 Assures us there will be no recession. Pretty deep depression is anavoidable though - I say
12.32 G20 link - stresses international solutions - suggests Brown is sticking to the theme 'this was not made here'
12.32 Expects growth by end of this year - if there isn't it will be goodby Labour.
12.33 Mentions problem for developing countries
12.34 Credit is precondition for recovery - maybe - I think it's much more than that - credit must have a use
12.35 VAT cut will stay - and I bet it will until May 2010 now....
12.36 Will be retraction of 3.5% overall this year - but out by end of year
12.39 Long lists of those comparisons which make budget speeches so boring
12.40 1.25% growth in 2010 - and will come from a broader base - green business and communications - not financial services
12.41 Growth 3.5% - wildly optimistic
12.41 - 1% inflation by end of this year
12.42 Inflation taregt is 2% - so more room for quantitative easing
12.43 Deficit will halve in 4 years
12.43 Fear of job losses is real. Can't stop them all. Targetted help to find new jobs and new skills. Good - but no details of how.
12.44 Much increased funding for job centres - a boom industry at the moment
12.45 Special help for those out of work for 12 months and young people - the latter are incredibly important
12.46 From January everyone udner 25 out work for 12 months gets a job or training - it's bold - requires 250,000 jobs - this will be very hard - but good if it works
12.47 Loosing homes - wants reduce repossessions - will give extra support for people looking for jobs to pay interest
12.48 Will be new securitised mortghage loan facility - we're back into the securities market - bad news - nothing has been learned
12.48 Stamp duty holiday extended
12.49 500,000 bsuinesses have deferred tax bills
12.50 Help with cash flow problems in small business - tax loss carry back extended to 2 years - 100,000 businesses will get an average of £4,000 each (whoopee - no big deal). Lasts until 11/2010
12.51 Scrappage scgheme for cars IS NOT GREEN - waste is not green
12.51 Tax as share of GDP is down 1.2% !
12.52 Will ease 0.5% this year followed by tightening 0.8% a year thereafter
12.53 He's right - to cut more would be madness
12.54 £175 billion borrowing
12.54 takes sevral years to get below £100 billion borrowing again
12.55 GDP debt ration rise considerably - 79% in 2013/14 and only fall from then
12.56 He'll need all the money back from tax havens he can get to pay for that
12.57 Must do this I say - Keynes got this right - and to penalise people know when they'down is wrong
12.57 Tax evasion and avoidance - has built on avidance at £1 billion a year. Will be closiing £1 billion or new loopholes. IS THAT IT?
12.58 Penion tax releif reduced for those on over £150,000 from 2011 - not enough - wipe out there cklaim althogether
12.59 New tax for thsoe earning over £150,000 - 50% from next year
12.59 - pa goes for those with income over £100,000. He does listen to me after all. Good news.
13.00 £ 9 billion of savings - but not at front line - that's OK
13.01 All iorgansiations have some room for saving - but not in the way the Tories say
13.02 Capital investemnt is continuing - shame it's on the Olympics - I'm out of the country then, by choice
13.06 £16 billion of asset sales - I hope this is not privatisation
13.07 £1 billion for climate change investment - NOT ENOUGH - BANKS GOT £100 BILLION PLUS
13.08 Financial sector - wants to keep us a world centre - groan - does it really add value? Regulation will be reformed though. Will hit pay and gearing - and new set of accounting rules - hedge funds are in
13.09 Housing - just £100 million for energy efficient council housing - is that it?????
13.09 North see oil - adds incentives to boost oil - another non-green deal
13.11 Promote capiatl allowances by giving 40% to big business - actually a massive boost to the banks of leasing
13.11 £750 million for new high tech businesses - too little
13.12 Support for wind - good - 3 million houses will have wind driven electricity
13.13 Combined heat and power gets boost - excellent - this will be ahrd for Tories to tackle
13.14 This stuff is OK - but it's only £405 million
13.15 Is he winding up?
13.16 More for families and pensioners he says - says will target child poverty - extra money for disabled trsut funds - irrelevant - small increase in child tax credit - some releif for grandaprents who are carers
13.16 Wants increase state pension by 2.5% even though RPI may be negative
13.17 Will keep fuel allowance at last year level despite cuts in fuel prices
13.19 ISA limit increased to £10,200 -early for those over 50 (me!) - and I hate this treleif for the middle classes which wastes so much tax
13.20 He's finished
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
That’s an impressive running commentary!