Key points from the 2020 Budget so far . . .
- Growth forecasts updated to 1.4% for 2020 and 1.6% for 2021
- Planned rise in alcohol duties cancelled
- Fuel duty frozen
- Government to abolish business rates for small shops this year
- levy on electricity frozen and increased on gas
- Tax on plastic packaging to be paid by manufacturers
- £1bn package of ‘green’ measures, Chancellor claims
- Biggest increase ever in research and development funding
- £27bn investment in new roads and upgrades of existing roads
- £5bn to increase roll out of broadband, meaning 95% of population will have access to 4G
- £500m to support the rollout of new rapid charging hubs for electric cars
- £300m to tackle nitrogen dioxide emissions in towns and cities
- £800m for carbon capture and storage by 2030, creating up to 6,000 jobs
- VAT scrapped on digital books and newspapers
- “This is the Budget of a government that gets things done”, says Chancellor
- Budget speech ends 1:39pm
