Radio Jackie News banner

107.8 Radio Jackie - Bulletins aired each hour

Wednesday, 24 March 2010


Global recession has not turned into depression, UK unemployment has not risen as much as feared and borrowing is lower than forecast last year.

The economy is at a crossroads and the Budget will set out a route to long-term prosperity with a £2.5 billion one-off growth package at its heart.

The impact of the economic crisis has meant the UK economy has contracted by around 6% over the course of the recession.

The Chancellor forecast the economy to grow by between 1% and 1.5% this year and between 3% and 3.5% in 2011.

The Government is to stick to its spending plans for next year, with a 2.2% real terms increase.

A policy of immediate cuts to public spending would be both wrong and dangerous and would risk derailing the recovery, said the Chancellor.

The Government is making considerable progress on securing £16 billion through asset sales.

Borrowing this year should be £11 billion lower than forecast.

In 2010/11, borrowing will be £163 billion, falling to £131 billion in 2011/12, then £110 billion in 2012/13.

In 2013/14 it will be £89 billion, reaching £74 billion in 2014/15, £8 billion lower than forecast in December.

Debt will be £100 billion lower by 2013/14 than was expected at last year's Budget.

As a share of the economy, borrowing is forecast at 11.8% of GDP this year, 11.1% next year, then 8.5%. In 2012/13 it will be 6.8%, then 5.2%, falling to 4% in 2014/15.

Mr Darling said this means a reduction in the deficit from 11.8% of GDP to 5.2%, more than halved over a four-year period, with the structural deficit estimated at 8.4% of GDP this year, falling to 2.5% by the end of the period.

Public sector net debt will reach 54% of GDP this year, increasing to 75% in 2014/15, and beginning to fall the year after that.


The Support for Mortgage Interest scheme will continue at the higher rate for another six months.

The Stamp Duty limit for first-time buyers will be doubled from midnight to £250,000 for this year and next. It will be funded through an increase in Stamp Duty to 5% for houses worth over £1 million from April 2011.

From October next year, the most expensive properties will be excluded from the Housing Benefit calculation in each area, which will - added to anti-fraud measures - save £250 million a year.


Next month's increase in fuel duties will be staged. Fuel duty will rise by a penny in April, followed by a further 1p rise in October and the remainder in January.

Duty on beer, wine and spirits will increase as planned from midnight on Sunday.

Alcohol duties will also increase by 2% above inflation for two further years from 2013.
Duty on cider will increase by 10% above inflation from midnight on Sunday.

Tobacco duty will increase from today by 1% above inflation and then increase by 2% in real terms each year until 2014.

From next month, the annual ISA limit will rise from £7,200 to £10,200 and ISA limits will increase annually in line with inflation.


Parents of one and two-year-old children will be helped by increasing by £4 a week money paid through Child Tax Credit from 2012.

The pensioners' higher Winter Fuel Payment of £250, and £400 for the over-80s, will be guaranteed for another year.


A guarantee of a job or training for every 18-24 year-old after six months out of work is to be extended until March 2012.

The Government will set up a £35 million University Enterprise Capital Fund to support university innovation and spin-out companies.

A University Modernisation Fund will give a one-off funding boost of £270

million in 2010/11, creating 20,000 more university places starting this



Public pay settlements will be held at a maximum of 1% for the two years from 2011.

The number of civil servants in London is to be reduced by one-third over the long term, with 15,000 posts relocated within the next five years.

One thousand posts from the Ministry of Justice will be moved out of central London, saving £41 million.


The Chancellor said he would provide £100 million to pay for vital repairs to local roads throughout the country following the recent bad weather and £285 million to pay for improvements on motorways.


The Budget will bring in additional tax of half a billion pounds each year.

VAT receipts are now £3 billion higher than forecast and better company profits have led to higher Corporation Tax receipts, with spending broadly in line with his forecast, said Mr Darling.

Inheritance tax threshold will be frozen for a further four years to help pay for the cost of care for older people.


The Treasury has already received over £8 billion in fees and charges from banks and the one-off 50% tax on bankers' bonuses has already raised £2 billion.

More countries now agree on the need for an international systemic tax on banks, which must be brought forward quickly, as he will urge

international finance ministers in Washington next month.

A new guarantee will mean everyone can have a basic bank account, giving up to 1 million more people access to bank accounts over the next five years.


More than £4 billion from next year's reserve will be allocated to fund

operations in Afghanistan.


Over the next year, RBS and Lloyds will provide a total of £94 billion of new business loans, nearly half to smaller firms.

A new Credit Adjudicator will fast-track complaints from smaller firms who say they have been unfairly denied credit.

The Financial Services Authority is to improve and speed up the licensing process for new banks to boost competition

A new national investment corporation, to be called UK Finance For Growth, will streamline and improve Government help to small and medium-sized enterprises, overseeing £4 billion of support for business.

A new Growth Capital Fund will provide fast-growing companies with private capital and will eventually provide £500 million of finance - with commercial banks so far agreeing to contribute more than £100 million.

An extra 15% of central Government contracts will go to SMEs, which could mean up to £15 billion of new business across the whole of the public sector.

Business rates will be cut for one year from October, meaning a tax reduction for over 500,000 small businesses in England.

Small businesses will be helped to expand by doubling the annual investment allowance to £100,000.


To boost a low-carbon economy, the Government will set up a new Green Investment Bank, controlling £2 billion of equity.

The fund will focus on green transport and energy, including offshore wind power, with £60 million offered to develop ports hosting manufacturers of offshore wind turbines.

The Chancellor will offer help to the computer games sector similar to the aid given the British film industry.
posted by Radio Jackie News Team @ 3:20 pm  

Top of Radio Jackie News page here.

RJ Home button

One of many reasons why we are so useful to South West London... our very own news team bringing you stories that are relevant to you and your area.
If you have a press release or would like to send in news then pop off an e-mail to [email protected]

radio Jackie News Twitter
Follow Jackie News at

Listen to Jackie's latest News and Travel
Radio Jackie Latest News  Radio Jackie Latest Travel
red button
News Team - - Local news 24 hours a day

news reader
Lucy Mayer
Lucy is the News and Travel Editor. Find out more about her on the Presenters page.

news reader
Luke Williams
Luke spends his free time playing synthesisers and watching old sitcoms. Journalism helps remind him of the 21st century.

news reader
Chloe Norman
Chloe presents both news and travel - find out more about her on the Presenters page.

news reader
Sandra Aggrey
Sandra wants to travel the world in 60 days.

news reader
Alex Loveridge
Alex loves watching tennis at Surbiton and Wimbledon and also plays a bit too. He swims at Richmond, but not in the Thames.

news reader
Mike Oban
Mike enjoys playing and watching sports and is a budding football coach.

news reader
Jacqui Kerr
Jacqui enjoys all sports and has had a go at most! She loves talking, current affairs, music, and walking her polar bear sized dog.

news reader
Emma Adams
Emma used to walk past Jackie when she was younger and wonder what it looked like inside. Now she knows.

news reader
David Walker
David´s philosophy is you only live once so go out and grab every opportunity no matter how small.

news reader
Deborah Martin
Deborah may have started life on a farm in Ohio, USA, but is a long time resident of South West London. Her current loves are fusing glass, good meals out, and dancing.

news reader
Paul Francis
Paul grew up in Fetcham and now lives in Teddington with his wife, two cats and a dog. He supports Fulham and plays in a band.

news reader
Natalie Osborne
Natalie presents both news and travel - find out more about her on the Presenters page.

news reader
Sharmeen Ziauddin
Sharmeen lives in Worcester Park and loves lie-ins, kittens, books, politics, make-up and anything with sugar in it, but hates Monday mornings with a vengeance.

news reader
Nick O'Keeffe
When Nick isn't not on the airwaves, he's either in the kitchen creating magic, writing or travelling with his partner Mia. Devout Chelsea supporter to boot.

news reader
Felix Thompson
Felix is from Kew. He loves his sport, and he lives and breathes Newcastle United.

news reader
Charlie Duffield
Charlie likes exploring SW London, as well as cooking, dancing, travelling, reading and watching films.

news reader
Will Sawyer
Most of Will's spare time is spent playing video games, but when he isn't doing that, he enjoys playing the piano, photography and cooking.

news reader
John Beesley
John lives in Hounslow. He enjoys beer and singing with barbershop quartets and choruses, though not necessarily in that order.

news reader
Emily Dexter
Emily is creative and has wide-ranging interests.

news reader
Amelia Beltrao
Amelia thinks living in New Malden definitely has its benefits: she gets the shops and beautiful riverside from Kingston, can walk her dogs on the common and visit the tennis in Wimbledon, as well as having a great range of Asian culture and cuisines on her high street.

news reader
Bear Hutchison
Bear loves to travel, listen to folk music and read. Her favourite part of South West London is the vibrancy of Clapham Common on a weekend - even in the cold winter, you can always spot some dogs or even a bit of quidditch!

news reader
Abby Chitty
Abby is from Southfields and her favourite band of all time is The Killers.

news reader
Nick Ellerby
Back in the UK after 6 years in Brazil, Nick is missing the sun. He's a big fan of cricket, stand-up comedy and all things radio.

news reader
Nick Reed-Clarke
Nick is a broadcast journalist with ten years experience in the industry, helping to launch award-winning shows like the BBC Two Victoria Derbyshire Programme and The Emma Barnett Show.