The budget 2011 has today brought a stream of numbers for tax increases and spending decreases - how do we make sense of it all?
The Guardian provides expert verdicts and to compliment that we provide the figures from the budget in a format you can use.
Let's start from the top level. Comparing today's budget with the emergency budget for 2010 we can see that this year there is an overall 2% increase in national spending.
In the next table we compare the national income predicated in the budget today and the 2010 budget and find that in 2011-12 we can expect a 7% increase in national income.
Now, what happens when we look at the budget policy changes in detail? We've extracted the key data from the budget 2011 report and the figure that stands out is fuel duty.
What this change in fuel duty means in terms of who befits and who looses is neatly explained by Terry Macalister. The key figures are that the public stands to save about £2bn on the cost of fuel while the petroleum industry stands to loose about £2bn.
Another figure of interest is for the carbon price floor tax: which will tax companies on their C02 emission. Within 5 years this tax will increase national income by £1.4bn. That is quite a sum.
Overall the figures show that we'll have to wait until 2015 before we see a real return on the policy changes outlined today. The budget policies will lead to a £10m reduction in national wealth this year, a £265m reduction next year, a brief £25m increase for 2013-14 followed by £115m loss the following year. Let's hope 2015 is worth waiting for.
This is our brief summary of the budget data, let us know what you think.
Data summary
|
Name of policy
|
Area of taxation or spend
|
Tax or spend
|
2011-12 (£ million)
|
2015-16 (£ million)
|
|---|---|---|---|---|
|
HM Treasury |
||||
| Corporation tax: decrease main rate to 26% in 2011-12, 25% in 2012-13, 24% in 2013-14 and 23% from 2014-15 | Growth and Enterprise | Tax | -425 | -1,075 |
| Corporation tax: interim improvements to Controlled Foreign Company rules | Growth and Enterprise | Tax | -55 | -25 |
| Corporation tax: taxation of foreign branches reform | Growth and Enterprise | Tax | 0 | -80 |
| Corporation tax: corporate capital gains simplification | Growth and Enterprise | Tax | 5 | -55 |
| Corporation tax: full reform to Controlled Foreign Company rules | Growth and Enterprise | Tax | 0 | -840 |
| Bank Levy: increase first year effective rate to 0.075% and rate to 0.078% from January 2012 | Growth and Enterprise | Tax | 630 | 100 |
| Enterprise Investment Scheme and Venture Capital Trusts: reform | Growth and Enterprise | Tax | 0 | -120 |
| R&D tax credits: increase SME rate to 200% from 2011-12 and to 225% from 2012-13 | Growth and Enterprise | Spend | -20 | - |
| Capital allowances: extension of short life assets limit | Growth and Enterprise | Tax | -10 | -170 |
| Capital allowances: extension of business premises renovation allowance | Growth and Enterprise | Tax | 0 | -30 |
| Business rates: Enterprise Zones | Growth and Enterprise | Tax | 0 | -80 |
| Business rates: one-year extension of relief for small business from October 2011 | Growth and Enterprise | Tax | -190 | 0 |
| Capital gains tax: increase Entrepreneurs’ relief lifetime limit to £10 million | Growth and Enterprise | Tax | 0 | -100 |
| Science facilities: additional investment | Growth and Enterprise | Spend | -100 | - |
| Stamp Duty Land Tax: bulk purchasing | Housing and Employment | Tax | -70 | -150 |
| Support for Mortgage Interest: one-year extension from January 2012 | Housing and Employment | Spend | -10 | - |
| First Buy: support for first-time buyers | Housing and Employment | Spend | -250 | - |
| Enterprise Allowance: extension | Housing and Employment | Spend | -5 | - |
| Work experience: 80,000 additional placements | Housing and Employment | Spend | -20 | - |
| University Technical Colleges: additional investment | Housing and Employment | Spend | -150 | - |
| Apprenticeships: 50,000 additional places | Housing and Employment | Spend | -100 | - |
| Personal allowance: increase by £630 in 2012-13, with adjustment to basic rate limit and no change to higher rate threshold | Personal tax | Tax | 0 | -1,230 |
| Direct taxes: switch the default indexation assumption to CPI from 2012-13 | Personal tax | Tax | 0 | 1,080 |
| Direct taxes: over-index employer NICs threshold, age related allowances and other allowances 2 | Personal tax | Tax | 0 | 0 |
| NICs: implement Government Actuary’s ‘best estimate’ approach on contracted-out rebates from 2012-13 3 | Personal tax | Tax | 0 | 610 |
| Non-domicile taxation: reform | Personal tax | Tax | 0 | 50 |
| Fuel duty: 1ppl reduction from 23 March 2011, removal of previously announced above-RPI increases and delay of RPI increases | Motoring tax | Tax | -1,900 | -2,100 |
| North Sea: increase in supplementary charge from 20% to 32% and restriction on decommissioning relief from 2011-12 | Motoring tax | Tax | 1,780 | 1,870 |
| Fuel duty: rural rebate | Motoring tax | Tax | * | -5 |
| Vehicle excise duty: freeze rates for Heavy Goods Vehicles in 2011-12 | Motoring tax | Tax | -15 | -20 |
| Approved Mileage Allowance Payments: increase allowances from 2011-12 | Motoring tax | Tax | -35 | -35 |
| Carbon price floor: introduce from 2013-14 with £30 per tonne of CO2 target | Environmental tax | Tax | 0 | 1,410 |
| Climate Change Agreements: reform | Environmental tax | Tax | 0 | -50 |
| Climate change levy exemption: supplies of gas in Northern Ireland | Environmental tax | Tax | * | 5 |
| Company car tax: adjustment to rates for 2013-14 | Environmental tax | Tax | 0 | 135 |
| Air passenger duty: defer RPI increase in 2011-12 to 2012-13 | Environmental tax | Tax | -145 | 0 |
| Aggregates levy: postpone rate increase until 2012-13 | Environmental tax | Tax | -15 | -20 |
| VAT: decrease low value consignment relief threshold to £15 from November 2011 | Indirect tax | Tax | 5 | 15 |
| Tobacco duty: rebalance for cigarettes and increase for hand rolled tobacco from 2011-12 | Indirect tax | Tax | 80 | 80 |
| Disguised remuneration: avoidance | Avoidance, evasion and administration | Tax | 750 | 760 |
| Currency for tax calculations: avoidance | Avoidance, evasion and administration | Tax | 60 | 60 |
| Sale of lessor companies: avoidance | Avoidance, evasion and administration | Tax | 25 | 15 |
| Leasing double allowances: avoidance | Avoidance, evasion and administration | Tax | 80 | 120 |
| Stamp Duty Land Tax: avoidance | Avoidance, evasion and administration | Tax | 30 | 50 |
| VAT: supply splitting using printed matter | Avoidance, evasion and administration | Tax | 40 | 60 |
| VAT: fraud on imported road vehicles | Avoidance, evasion and administration | Tax | 0 | 105 |
| Protection life insurance | Avoidance, evasion and administration | Tax | 0 | 120 |
| Qualifying Time Deposit accounts: change to tax treatment | Avoidance, evasion and administration | Tax | 0 | 40 |
| Inheritance tax: reduce rate to 36% for estates with charitable donations of more than 10% from 2012-13 | Philanthropy | Tax | 0 | -170 |
| Gift Aid: small donations scheme | Philanthropy | Spend | 0 | - |
| Housing Benefit: not introduce reductions for long term jobseekers | Other spending measures | Spend | 0 | - |
| Disability Living Allowance: mobility components for claimants in residential care | Other spending measures | Spend | 0 | - |
| Local Housing Allowance: transitional protection for existing claimants | Other spending measures | Spend | 30 | - |
| Employment and Support Allowance Youth: abolish National Insurance concession | Other spending measures | Spend | 0 | - |
| Benefit fraud: sanctions and debt recovery | Other spending measures | Spend | 0 | - |
| Coinage: delay implementation of reduction in metal cost | Other spending measures | Spend | -10 | - |
| TOTAL POLICY DECISIONS, EFFECT | TOTAL | -10 | 335 | |
|
Type of receipts
|
Government Receipts 2010-11 £ billion
|
Government Receipts 2011-12 £ billion
|
Percentage change
|
|---|---|---|---|
|
HM Treasury |
|||
| Income tax | 150 | 158 | 5 |
| National Insurance | 99 | 101 | 2 |
| Excise duties | 46 | 46 | 0 |
| Corporation tax | 43 | 48 | 10 |
| VAT | 81 | 100 | 19 |
| Buisness rates | 25 | 25 | 0 |
| Council tax | 25 | 26 | 4 |
| Other | 79 | 85 | 7 |
| TOTAL | 548 | 589 | 7 |
|
Area of spending
|
Government spending 2010-11 £ billion
|
Government spending 2011-12 £ billion
|
Percentage change
|
|---|---|---|---|
|
HM Treasury |
|||
| Social protection | 194 | 200 | 3 |
| Health | 122 | 126 | 3 |
| Education | 89 | 89 | 0 |
| Other | 73 | 74 | 1 |
| Debt interest | 44 | 50 | 12 |
| Public order and safety | 35 | 33 | -6 |
| Defence | 40 | 40 | 0 |
| Housing and environment | 27 | 24 | -12.5 |
| Industry aggriculture and employment | 20 | 20 | 0 |
| Personal social services | 32 | 32 | 0 |
| Transport | 22 | 23 | 4 |
| TOTAL | 697 | 711 | 2 |
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