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Budget 2012: At a glance

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Chancellor George Osborne revealed his 2012 budget today, promising higher stamp duty on luxury houses and increased investment in housing

Key points:

  • Office for Budget Responsibility forecasts UK economy to grow 0.8 per cent this year and 2 per cent next year
  • £150 million boost to HCA’s Get Britain Building fund
  • National Loan Guarantee Scheme for small businesses to provide £20 billion worth of guarantees
  • £100 million investment in armed forces accommodation
  • NPPF to be published next Tuesday and come into force with immediate effect
  • £130 million announced  for northern hub railway improvements
  • £150 million of Tax Increment Financing to help local authorities promote development
  • £70 million development fund for London
  • Enhanced capital allowances for the Royal Docks Enterprise Zone
  • £100m of support for investment in major new university research facilities
  • Consultation on simplified tax system for small companies with turnover of up to £77,000
  • Corporation tax rate cut to 24 per cent from April
  • Stamp Duty Land Tax increased to 7 per cent on properties worth more than £2 million and 15 per cent on properties ‘bought into a corporate envelope’
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