In late March, Chancellor George Osborne announced this year’s Budget to the waiting world. As with all Budget announcements, there was good news and bad for UK residents to be found within the 2013 statistics, and for better or worse, this year’s Budget will have significant ramifications for the business world, the public sector and the NHS. We’ve gone behind the political spin and posturing to give you the raw data of the Budget 2013 alone: how will you be affected by Osborne’s announcements?
£108 billion – The outgoing for Budget 2013 equalled £720 billion whereas the incoming totalled just £612 billion. As a result, the government has had to increase borrowing by £108 billion in order to balance the books – increasing both the budget deficit and national debt levels.
£2,000 – While the country’s debt levels may continue to spiral downwards, at least UK businesses had some reasons to celebrate when this year’s Budget data was announced. Osborne had worked to alleviate the stresses of National Insurance on corporations across the country, allowing each company to save £2,000 on their NI payments.
1% part one – Businesses will also pay 1% less Corporation Tax under the terms of the new Budget, with figures dropping from 21% to 20%. Unfortunately, they’ll have to wait until 2015 for this particular saving to come into effect.
1% part two – In order to free up funds for this year’s Budget, Osborne has trimmed 1% from the spending of a number of government departments. While Whitehall has been asked to tighten its belt, both the NHS and schools have been spared.
0.6% – According to Osborne’s Budget data, the UK economy is in worse health than was initially expected. The Chancellor halved financial growth forecasts for the year, lowering the figure from 1.2% to just 0.6%. Things are expected to show signs of improvement by 2014, however.
13p – Fuel duty has been frozen once more and hasn’t risen since 2011. According to the Chancellor, had fuel duty not been frozen during this time, petrol and diesel would be 13p per litre more expensive today.
4p – All this head-spinning financial data is enough to work up a significant thirst, and fortunately, the Chancellor has decided to scrap the proposed rise in beer duty, too. Instead of the planned 3p rise in beer duty we’ve seen a 1p reduction – we’ll drink to that.
The Budget 2013 announcements will have ramifications across a number of industries, and we may find that we all need to keep tightening our belts over the next few years as the recession continues to bite. Here at the Document Capture Co, we offer automated data capture services that can help your company cut back on expenses and overheads or improve efficiency and processes, whether you work in business, the public sector or in the healthcare industry, so financial restrictions can begin to seem less stringent.