This Budget rewards those who aspire to work hard and get on. It is for those who want to own a home, get their first job, start a business, or save for their retirement. It is a Budget for people who realise there are no easy answers. Our economic plan combines fiscal responsibility with monetary activism and supply side reform. It is taking longer than anyone hoped but we are on the right track.
Backing families
From 2015 we’re offering tax-free childcare. We will pay 20% of a working family’s childcare bills every year – up to £1,200 per child. A family with two children will be up to £2,400 a year better off.
Backing job-seekers
This Government has already helped create one and a quarter million private sector jobs – but with this Budget we go further. Next April we will cut the National Insurance bill of every business by up to £2000. That means they’ll be able to take on 4 people full time on minimum wage without any increase in their NI bill.
Backing drivers
Fuel duty is being frozen once again – making this the longest freeze for over 20 years. Pump prices will be 13 pence lower than under Labour’s plans – leaving the average motorist with £170 more in their pocket.
Backing Britain’s hard-workers
This Budget raises the personal tax allowance to £10,000 from April 2014. This is a tax cut for 24 million people. As a result individuals will pay £700 less in income tax than they did in 2010. And 2.7 million will have been taken out of tax altogether.
Backing home-buyers
This Government wants to help more people on to and up the housing ladder – and in this Budget we put forward £3.5 billion to do just that, giving people equity loans of up to 20% to help them buy newly built houses.
Backing British businesses
Our businesses are competing in a global race for wealth, work and opportunity. Today we give them a big boost in that race: we are cutting corporation tax to 20% by 2015. That is the lowest rate in the G20 – 20 of the world’s major economies.