The March 2010 United Kingdom Budget, official known as Budget 2010: Securing the recovery, was delivered by

Alistair Darling Alistair Maclean Darling, Baron Darling of Roulanish, (born 28 November 1953) is a British politician who served as Chancellor of the Exchequer under Prime Minister Gordon Brown from 2007 to 2010. A member of the Labour Party, he was a Member ...

Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Ch ...

, to the

House of Commons The House of Commons is the name for the elected lower house of the bicameral parliaments of the United Kingdom and Canada. In both of these countries, the Commons holds much more legislative power than the nominally upper house of parliament. T ...

on 24 March 2010. The

budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environme ...

speech outlined the Labour Government's fiscal policies prior to the expected 2010 general election, which had to be called before July. The Budget's main headlines included: *A one-off "Bank Payroll Tax" on bankers bonus payments, projected to be worth £2bn *£11bn of savings across Government and a further £5bn savings from targeted spending *Introduce a new right to open a basic bank account *Above-inflation increases to alcohol and tobacco

duties A duty (from "due" meaning "that which is owing"; fro, deu, did, past participle of ''devoir''; la, debere, debitum, whence "debt") is a commitment or expectation to perform some action in general or if certain circumstances arise. A duty may ...

, with a pledge to redefine strong

cider Cider ( ) is an alcoholic beverage made from the fermented juice of apples. Cider is widely available in the United Kingdom (particularly in the West Country) and the Republic of Ireland. The UK has the world's highest per capita consumption, ...

s in September 2010 *To reduce a previously announced fuel duty increase in April 2010, and introduce small increases at intervals *Temporary increase in small business rate relief *Threshold for

stamp duty Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical reven ...

raised from £125,000 to £250,000 for

first-time buyer A first-time buyer (FTB) is a term used in the British, Irish, Canada property markets, and in other countries, for a potential house buyer who has not previously owned a property. A first-time buyer is usually desirable to a seller as they do n ...

s for two years, and increased stamp duty on homes over £1,000,000 to 5% *Pledge of an increase in future

ISA Isa or ISA may refer to: Places * Isa, Amur Oblast, Russia * Isa, Kagoshima, Japan * Isa, Nigeria * Isa District, Kagoshima, former district in Japan * Isa Town, middle class town located in Bahrain * Mount Isa, Queensland, Australia * Mount ...

savings limits to keep pace with inflation, and confirmed previously announced increase in ISA savings limits *Introduction of a

Tax break Tax break also known as tax preferences, tax concession, and tax relief, are a method of reduction to the tax liability of taxpayers. Government usually applies them to stimulate the economy and increase the solvency of the population. By this fi ...

for the British

video game Video games, also known as computer games, are electronic games that involves interaction with a user interface or input device such as a joystick, controller, keyboard, or motion sensing device to generate visual feedback. This feedba ...

s sector The Chancellor aimed for public sector net borrowing to fall to 8.5% of

GDP Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...

by 2011-12, and 4.0% by 2014-15. Public sector net debt was projected to increase to 73% of GDP by 2012-13. The Treasury published the Finance Act 2010 on 1 April, running to 240 pages. After the General Election was called on 6 April, the

Chartered Institute of Taxation The Chartered Institute of Taxation (CIOT) is a registered charity (number 1037771) and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT deals with all aspects of direct and indirect taxation. Activit ...

expressed concern at the lack of time for debate on complex measures. In the event, many of the clauses announced in the Budget speech were dropped from the Bill before Parliament was dissolved.Finance Bill carved out in deadline scramble
, Accountancy Age, 7 Apr 2010

Taxes

Spending

References

External links

Budget 2010 (Overview)
HM Treasury document at The National Archives

HM Treasury page at The National Archives {{United Kingdom budget

Budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environme ...

2010-03 United Kingdom,03 United Kingdom budget