By George, it's worse than we all thought! Osborne admits he's being forced to borrow MORE than Alistair Darling would have | Mail Online
The Chancellor confirmed that because of a ‘debt storm’ raging across Europe, borrowing is now expected to hit £79billion in 2014-15 – more than double the £37billion which he had previously forecast and more than the £74billion predicted by the former Labour chancellor Alistair Darling.
The main measures announced by Mr Osborne to stimulate the economy included:
A delay in a 3p rise in fuel duty to come into effect in January;
A new public pay cap at 1 per cent for two years.
A freeze in working tax credits.
A £40billion credit easing scheme to help small firms.
A dramatic acceleration in the increase in the state pension age to 67.
A £5billion cash boost for over 500 infrastructure projects – including roads, railways, airports and broadband expansion. A further £25billion could be spent in future years.
A trimming Britain’s foreign aid budget so that it does not overshoot its 0.7 per cent spending target by 2013.
An increase in the Bank levy to raise £2.5billion
An extra £1.2bn will be spend on education - including £600m for authorities that need new school places.
Rail fares capped at 1 per cent above inflation next year
A £1billion fund to help the young unemployed
Mortgage indemnity scheme to help 100,000 people get onto the property ladder
£500m housebuilding plan in England
January rise in regulated rail fares to be capped at 6.2%, not 8.2%
A £250million scheme to ease the impact of climate change taxes on energy intensive firms.
£380m to double free nursery places for toddlers
Spend spend spend spend!
Gordon, do you want to come back and do some more spending for us?
The Chancellor confirmed that because of a ‘debt storm’ raging across Europe, borrowing is now expected to hit £79billion in 2014-15 – more than double the £37billion which he had previously forecast and more than the £74billion predicted by the former Labour chancellor Alistair Darling.
The main measures announced by Mr Osborne to stimulate the economy included:
A delay in a 3p rise in fuel duty to come into effect in January;
A new public pay cap at 1 per cent for two years.
A freeze in working tax credits.
A £40billion credit easing scheme to help small firms.
A dramatic acceleration in the increase in the state pension age to 67.
A £5billion cash boost for over 500 infrastructure projects – including roads, railways, airports and broadband expansion. A further £25billion could be spent in future years.
A trimming Britain’s foreign aid budget so that it does not overshoot its 0.7 per cent spending target by 2013.
An increase in the Bank levy to raise £2.5billion
An extra £1.2bn will be spend on education - including £600m for authorities that need new school places.
Rail fares capped at 1 per cent above inflation next year
A £1billion fund to help the young unemployed
Mortgage indemnity scheme to help 100,000 people get onto the property ladder
£500m housebuilding plan in England
January rise in regulated rail fares to be capped at 6.2%, not 8.2%
A £250million scheme to ease the impact of climate change taxes on energy intensive firms.
£380m to double free nursery places for toddlers
Spend spend spend spend!
Gordon, do you want to come back and do some more spending for us?
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