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Wednesday 23 March 2011

Chancellor announces Budget for growth

Chancellor of the Exchequer George Osborne holds up his ministerial red box on the steps of 11 Downing Street before heading to the House of Commons to deliver his Budget Statement; PA copyrightChancellor George Osborne has delivered the Coalition Government’s budget for 2011.

The Budget builds on action announced in the Spending Review 2010 and the Budget 2010 last June to rebalance the economy from unsustainable public spending towards exports and investment.  This should support the UK’s long-term economic potential and help to create new jobs.

Returning the UK to sustainable, balanced economic growth is the Government’s overriding priority.

The Budget set out the action the Government will take in three key areas:

  • Creating a Strong and Stable Economy: A strong and stable economy is essential for lasting prosperity. The Budget sets out a fiscally-neutral package of measures that means the Government remains on course to deliver its plan to tackle the deficit.
  • Growth: The Government’s Plan for Growth, published with the Budget, sets out a package of measures to support private sector investment, enterprise and innovation.  This includes measures to increase the competitiveness of the UK tax system; reduce the burden of regulation; and increase incentives for business investment.
  • Fairness: Fairness is central to the Government’s economic policy.  The Budget sets out the next steps in realising a fair, simple and efficient tax, benefit and pensions system that rewards work, saving and personal responsibility.

Introducing the Budget to the House of Commons, George Osborne said:

“Last year’s emergency Budget was about rescuing the nation’s finances, and paying for the mistakes of the past.

“Today’s Budget is about reforming the nation’s economy, so that we have enduring growth and jobs in the future.

“And it’s about doing what we can to help families with the cost of living and the high oil price.”

Read more about the Budget on HM Treasury website.

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