This document contains the following information: Budget 2008: stability and opportunity building a strong, sustainable future economic and fiscal strategy report and financial statement and budget report.
The Budget sets out the Government’s plans for taxation, public spending and economic growth for the coming year. The Government reports that the economy is stable and resilient, and continuing to grow, and that its strict fiscal rules are being met.
Measures include: further financial support for children to move 250,000 out of poverty; an additional one-off payment for over-80s and over-60s households alongside the Winter Fuel Payment; increased support and access to finance for small firms; a £200 million package to support and bring forward by one year the GCSE targets; postponement of the planned fuel duty increase of 2 pence per litre in April 2008 until October 2008; an increase in alcohol duty rates by 6 per cent from 17 March 2008; laying the ground work for the introduction for five-year carbon budgets (the first of which will be included in Budget 2009); further steps to tackle climate change, including reforms to Vehicle Excise Duty, auctioning of 100 per cent of allowances for large electricity producers in Phase III of the EU Emissions Trading Scheme, and that to eliminate single use carrier bags the Government will legislate and impose a charge if retailers do not take voluntary action; further reforms to modernise the tax system, and a number of measures to combat tax fraud and avoidance.
This paper was laid before Parliament in response to a legislative requirement or as a Return to an Address and was ordered to be printed by the House of Commons.