Budget 2014: at a glance.
Deficit revised down to 6.6% this year, and forecast to fall in following years before going into surplus of 0.2% in 2018/19 Borrowing expected to be PS108 billion this year - PS12 billion less than forecast Debt revised down to 74.5% of GDP this year; then predicted to peak at 78.7% in 2015/16 and fall to 74.2% by 2018 JO? OBR forecasts 1.5 million more jobs over the next five years and earnings to grow faster than inflation Welfare cap set at PS119 billion for 2015/16, rising to PS127 billion by 2018/19, only state pension and cyclical unemployment benefits excluded ENERGY ? PS7 billion package to cut energy bills Compensation scheme for energyintensive industries extended four years to 2019/20; PS1 billion to protect manufacturers from cost of green levies LEISURE ? Tobacco duty to rise by 2% above inflation Alcohol duty escalator scrapped Duty on spirits and ordinary cider frozen. Beer duty cut by 1p a pint Duty on fixed-odds betting terminals increased to 25% Bingo duty halved to 10%.
20% tax relief for theatre productions INVESTMENT Support to build 200,000 homes.
Additional PS140 million made available for repairs and maintenance to flood defences BUSINESS ? Business rate discounts and enhanced capital allowances in enterprise zones extended for three more years Research and development tax credit for loss-making small businesses raised from 11% to 14.5% Annual investment allowance doubled to PS500,000 and extended to the end of 2015