Chancellor Alistair Darling’s Pre-Budget Report
UK Chancellor Alistair Darling’s announced his pre-Budget report this lunchtime. The main points are that VAT is back up to 17.5% from the existing 15% as from 1st January 2010. Basic state pension will rise by 2.5% on April 2010 and national insurance rates to rise by 0.5% from April 2011. Stamp duty break on certain properties will end on 1st January 2010. Child benefit will rise by 1.5% in 2010 and public sector pay increases will be capped at 1% for two years from 2011.
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