Spring Budget 2020: Key economic points so far . . .

March 11, 2020

Key points from the 2020 Budget so far . . .

  • Growth forecasts updated to 1.4% for 2020 and 1.6% for 2021 
  • Planned rise in alcohol duties cancelled
  • Fuel duty frozen
  • Government to abolish business rates for small shops this year
  • levy on electricity frozen and increased on gas
  • Tax on plastic packaging to be paid by manufacturers
  • £1bn package of 'green' measures, Chancellor claims
  • Biggest increase ever in research and development funding
  • £27bn investment in new roads and upgrades of existing roads
  • £5bn to increase roll out of broadband, meaning 95% of population will have access to 4G
  • £500m to support the rollout of new rapid charging hubs for electric cars
  • £300m to tackle nitrogen dioxide emissions in towns and cities
  • £800m for carbon capture and storage by 2030, creating up to 6,000 jobs
  • VAT scrapped on digital books and newspapers
  • "This is the Budget of a government that gets things done", says Chancellor
  • Budget speech ends 1:39pm

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