Budget 2005: Investing for Our Future, Fairness and Opportunity for Britain's Hard-working Families, Economic and Fiscal Strategy Report and Financial Statement and Budget Report, March 2005
The Budget presents an updated assessment of the economy and public finances and reports on Government policies. It: shows that the economy is growing strongly and the Government is meeting its fiscal rules; announces a long-term investment programme for schools and sets out further measures to help young people develop skills; sets out reform to reduce the regulatory burden on business; announces free local travel for people over 60 and provide £200 towards the council tax bill for those over 65; makes a commitment to increase Child Tax Credit in line with earnings; doubles the threshold for stamp duty; increases the special reserve for military operations; announces a better targeted Local Enterprise Growth Initiative; introduces measures to modernise the tax system; defers any increase in fuel duty until September 2005.
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Maintaining macroeconomic stability
Meeting the productivity challenge
Increasing employment opportunity for all
Building a fairer society
Delivering high quality public services
Protecting the environment
AnnexA Illustrative longterm fiscal projections
List of abbreviations
List of charts
2004 Pre-Budget Report aggregates levy allowances announced April assessment assets assumptions average capital carbon cent of GDP challenges Chart Child Tax Credit Child Trust Fund childcare climate change climate change levy continue corporation tax costs council tax current budget Cyclically-adjusted debt Defra deliver Department disabled economic cycle effect efficiency emissions employers ensure Enterprise estimated expected fiscal rules flexibility forecast framework fuel duties Fund further Gift Aid global Government is committed Government's HM Treasury households impact improve increase inflation introduced investment labour market landfill landfill tax lone parents long-term measures million national accounts national insurance contributions output gap Outturn payments pension pilot plans productivity programme projections public finances public sector public services reduce reform regulations regulatory relief Revenue rise savings scheme skills stamp duty stamp duty land strategy surplus sustainable Table tackle target trend UK's vehicle excise duty