Budget 2011: Key Changes

Published:  23 March, 2011

We outline some of the key changes in this year's Budget that will affect HVP readers.

•  A shared equity scheme – First Buy – will help 10,000 first-time buyers with a household income of less than £60,000 access loans for mortgage deposits on newbuild housing, jointly funded by government and housebuilders. Government hopes this will help protect 40,000 construction industry jobs

•  Next week's planned fuel duty rise has been cancelled, with a further 1p/litre cut implemented from 6pm tonight. A Fuel Duty Stabiliser will be introduced to moderate fuel prices while oil costs are high

• Her Majesty's Revenue & Customs (HMRC) to cut down on tax evasion

•  At least 24 new Vocational Training Colleges will be funded for 11- to 19-year-olds

•  More work experience places will be created across the UK, with 250,000 more available over the next four years

•  The personal income tax threshold (rising £1,000 on 1 April 2011), to rise by another £630 on 1 April 2012

•  Government will closely monitor fuel and utility prices such as gas and oil in response to this week's Ofgem report

•  Corporation tax to be reduced by 2% from April 2011, with further 1% falls every year for the next three years

•  Government's Green Investment Bank will have access to £3 billion of funding to support low carbon investment – £2 billion more than before. The Bank will also begin a year earlier than was originally planned.