* * *
Budget 2003 Summary
Building a Britain of economic strength and social justice
* * * *
*
*

*Homepage
*Key Budget measures include
*Maintaining economic stability
*Productivity and enterprise in a flexible economy

 *

*Employment opportunity for all
*Building a fairer society
*High quality public services
*Protecting the environment

 *

*Household income
*Where taxpayers' money is spent
*Further information
*Visit HM Treasury Site
*
* *
Key Budget measures include

The Government's goal is to deliver high and stable levels of growth and employment, with opportunity and rising living standards for all.

Budget 2003 sets out how the Government is working to achieve this goal, ensuring that the UK can compete effectively in an integrated world economy and benefit when the recovery in global growth begins. The Budget describes how the Government will build on its previous reforms to build a stronger and more enterprising economy, deliver full employment, end child poverty and tackle pensioner poverty, establish world class public services, and meet the global challenge of climate change. Key announcements include:

*Back to top

  • an updated forecast, which shows that the economy is on course to maintain stability and growth and that the public finances remain sound;

  • a new Child Trust Fund giving every new born child £250, or £500 for the poorest, ensuring that every child has money in the bank at the age of 18;

  • £100 extra, on top of winter fuel payments, for pensioners aged 80 or over, and longer pension entitlements for all pensioners in hospital;

  • a package of measures to help lone parents and partners of benefit claimants find work, through the New Deal and Jobcentre Plus;

  • reforms to Housing Benefit to improve financial gains to work, make it easier for people to move to take up jobs, and simplify the claims process;

  • proposals to reduce red tape, simplify tax and improve access to finance for small businesses seeking to develop and grow;

  • new proposals to improve the supply of housing and to streamline and simplify planning decisions;

  • steps to tackle tax fraud and avoidance to protect revenues and ensure that everyone pays their fair share of tax; and

  • a deferred increase, in line with inflation, in the main road fuel duties from 1 October 2003, and lower vehicle excise duty for the cleanest vehicles.

*Back to top