Chancellor George Osborne has insisted his economic medicine is working, despite being forced to slash growth forecasts for the UK in his Budget.
In a package of measures aimed at "those who want to work and get on" he cut corporation tax to 20% and froze petrol duty rises.
"If you want to work hard and get on; we are on your side," said the chancellor, adding it was a Budget "for an aspiration nation".
Although he predicted the UK would avoid a "triple dip" recession he said growth in 2013 would be 0.6% - half the 1.2% he predicted four months ago in his autumn statement.
And he said the UK's national debt would rise to 85% of GDP and not start coming down until 2017/18 - two years later than predicted when the coalition came to power.
Mr Osborne had little room to manoeuvre when it came to tax giveaways - but he found some extra cash by squeezing public spending further, extending a public sector pay freeze by a year and other measures.
This allowed him to bring forward the introduction of a £10,000 income tax threshold by a year, to 2014 - in a move that pleased the Lib Dems, who campaigned on the issue at the last election.
A government interest-free loan worth 20% of the value of a new-build house will also be available to everyone who wants to buy a home from next year.
Full Article.
In a package of measures aimed at "those who want to work and get on" he cut corporation tax to 20% and froze petrol duty rises.
"If you want to work hard and get on; we are on your side," said the chancellor, adding it was a Budget "for an aspiration nation".
Although he predicted the UK would avoid a "triple dip" recession he said growth in 2013 would be 0.6% - half the 1.2% he predicted four months ago in his autumn statement.
And he said the UK's national debt would rise to 85% of GDP and not start coming down until 2017/18 - two years later than predicted when the coalition came to power.
Mr Osborne had little room to manoeuvre when it came to tax giveaways - but he found some extra cash by squeezing public spending further, extending a public sector pay freeze by a year and other measures.
This allowed him to bring forward the introduction of a £10,000 income tax threshold by a year, to 2014 - in a move that pleased the Lib Dems, who campaigned on the issue at the last election.
A government interest-free loan worth 20% of the value of a new-build house will also be available to everyone who wants to buy a home from next year.
Full Article.
