Budget (1): Key points

Chancellor Gordon Brown has just concluded delivering his ninth Budget in the House of Commons. Some of the key points were as follows.

UKTECH will provide more detailed summaries of key measures as the information is released. As is often the case, the main points relevant to small businesses are not necessarily contained in the Chancellor's speech - often the devil is in the detail of the reports and papers which are released after the Budget.

The Chancellor said:

Economy

"Long term prosperity depended on Britain deciding to be a world leader in science and technology."

"Lock in stability and put Britain's hard working families first."

"Inflation had been three per cent or less for the past eight years - the least volatile of all industrialised economies"

"The key to long term growth was low inflation and low interest rates. No part of the British economy had not registered growth."

"There would be new centres for people in areas with high levels ethnic minorities for entrepreneurial and vocational training."

"Britain had the lowest debt burden of all its major competitors."

"Would meet fiscal rules in next economic cycle."

"Strike a balance between tax cuts, investment and stability."

Enterprise

"Want to remove unnecessary barriers to profitable enterprise."

"It was right not to get rid of minimum wage restrictions, but it was also right to lessen the burden of regulation for business."

"Britain had one of the most open competition policies in the world."

"There would be one million less inspections each year for companies with a good record."

"Britain must become the world's leading centre for research-based, science-based and knowledge-based industries."

"Extend tax credits for medium-sized research companies."

"I'm not cutting small business support, I am enhancing it."

"The Inland Revenue and Customs will now consult on a single tax account for small business where information need be provided only once, a single point of contact for both VAT and corporation tax, and flexible payment options."

Taxation

"Anti avoidance measures published in detail today include action against avoidance of capital gains tax, stamp duty land tax and VAT; and against schemes using financial products, double taxation relief and international arbitrage"

"Freeze rates on corporation and capital gains tax"

"1p on a pint of beer, 4p on bottle of wine, duty frozen on spirits and cider. 7p on a packet of cigarettes. Duty on fuel would be frozen and reviewed on September 1."

"Stamp duty threshold would be doubled to £120,000."

"Starting point for inheritance tax would be raised to £270,000 from April 6 and £285,000 next year and £300,000 thereafter."

"Extend £7,000 tax exemption for ISAs for next five years."

"Raising child tax credit was the best way to help lower income families."

"A total of three million families will receive more in child tax credit and child benefit than they pay out in taxes."

"It was right to choose the prudent course for Britain, and the Budget involved a modest fiscal tightening."

Education

"Older pupils would be offered the opportunity to lease computers for home use."

"Children should be in education from three to 18 years."

"A building programme for primary schools, with investment of £1.6bn this year rising to £1.8bn in 2006/7."

"Direct cash to schools will increase."

Health and elderly

"Judge a society by how it treats its vulnerable and was permanently abolishing hospital charges in the NHS."

"£200 council tax refund for households of pensioner age or over."

The Budget lasted 50 minutes.