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Budget 2013: At a glance

Chancellor George Osborne revealed his 2013 budget today, promising a £3 billion infrastructure boost and a commitment to fund 15,000 more affordable homes

Key points:

£3 billion boost to infrastructure projects from 2015 funded by savings from Whitehall budgets – increase amounts to £15 billion over the next decade

£3.5 billion commitment to shared equity loans for first time buyers. Worth 20 per cent of a new home’s value, the loan is interest free for the first five years and repaid when the property is sold

£130 billion worth of mortgages to be leveraged by new government guarantee for homeowners buying new build or old homes

Commitment to fund 15,000 more affordable homes

Fivefold increase in funds available for build to rent schemes

Maximum right to buy discount to increase to £100,000 in London

£1.6 billion of long-term funding for the UK industrial strategy

Tax reliefs coming in this year for the creative industries including ‘high-end television’, animation and visual effects sector

Fivefold increase in government spend on Small Business Research Initiative

Fund availability of growth vouchers for small firms seeking advice on how to expand

Corporation tax to fall to 20 per cent from 2015

Employers’ tax free loans to employees to double to £10,000

Introduce tax free childcare with 20 per cent off the first £6,000 of your childcare costs for each child

Employment Allowance discount worth £2,000 off employers’ national insurance bill for new employees

Commitment to spend 0.7 per cent of GDP on international development

 

 

 

 

 

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