Feeds

Brown's Budget: cuts basic rate

The man who would be king

High performance access to file storage

Gordon Brown's last Budget speech laid out the achievements he claims to have made since 1997 and cut the basic rate of income tax from 22 pence in the pound to 20 pence.

The threshold for the top rate of income will increase in April 2009 to £43,000.

In a flamboyant performance Brown also cut the rate of mainstream corporate tax to 28 pence. Capital allowances will be simplified to just two categories depending on how long assets last.

Research and development credits are increased by £100m. Although tax on small businesses will increase, from 20p to 22p, Brown said that increased allowances for R&D and investment will effectively compensate them.

Environmental annoucements included a 50 per cent increase in microgeneration grants - sticking a windmill on your roof. There will be no stamp duty on carbon neutral houses up to a value of £500,000. Green products for domestic use will see VAT cut from 17.5 per cent to 5 per cent.

Business rate relief for empty properties will be cut.

Of more interest to many in Vulture Towers: 1 penny on a pint of beer, 5p for a bottle of wine, no increase in spirits but 11 pence on a packet of 20 cigarettes. Nicotine patches and other nicotine replacement products will have their VAT cut to five per cent.

Child benefit goes up in three stages to £20 a week in 2010 for the first child.

Counter terrorism gets an extra £86m and the armed forces get an extra £400m for committments in Afghanistan and Iraq.

Education will see five per cent rises for the next three years, from £60bn to £64bn next year.

Brown even found time for a gag. Referring to reports yesterday that he has a touch of the Stalin about him Brown said "I thank my forthright civil servants, who maybe I should call comrades..."

The speech will be available here, but isn't at the time of writing, in the meantime the Beeb summary is here.®

High performance access to file storage

More from The Register

next story
Android engineer: We DIDN'T copy Apple OR follow Samsung's orders
Veep testifies for Samsung during Apple patent trial
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
One year on: diplomatic fail as Chinese APT gangs get back to work
Mandiant says past 12 months shows Beijing won't call off its hackers
German space centre endures cyber attack
Chinese code retrieved but NSA hack not ruled out
EFF: Feds plan to put 52 MILLION FACES into recognition database
System would identify faces as part of biometrics collection
Big Content goes after Kim Dotcom
Six studios sling sueballs at dead download destination
Ex-Tony Blair adviser is new top boss at UK spy-hive GCHQ
Robert Hannigan to replace Sir Iain Lobban in the autumn
Alphadex fires back at British Gas with overcharging allegation
Brit colo outfit says it paid for 347KVA, has been charged for 1940KVA
Jack the RIPA: Blighty cops ignore law, retain innocents' comms data
Prime minister: Nothing to see here, go about your business
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.