What the budget means for our profession
Here’s your Institute’s selection of budget speech highlights which affect our profession:
The sale of High Speed 1 was reconfirmed
The upgrade of the Tyne & Wear Metro also confirmed
The extension of the Manchester Metrolink gets the go ahead
The redevelopment of Birmingham New Street station is also on track
Improvements to the rail lines to Sheffield and between Liverpool and Leeds are given the green light..
Government also announces a large Regional Growth Fund to provide finance for regional capital projects over the next two years.
No increase in tax on fuel
The Government is examining the impact of sharp fluctuations in the price of oil on the public finances, to see if pump prices can be stabilised.
It will also ‘look at whether a rebate for remote rural areas could work’.
The Government is looking at how to dispose of its shareholding of NATS, the air traffic control services.
It will explore changes to the aviation tax system, including switching from a per-passenger to a per-plane duty, and consult on major changes that will help reduce our carbon emissions, says the Chancellor.
It was also announced that there will be measures to cancel certain backdated business rates bills, including for many businesses in ports.
In addition VAT will rise from 17.5% to 20%, corporation tax will be cut every year by 1% for four years and small companies’ tax rates will be cut to 20%.