2013 United Kingdom budget
| Budget 2013 Bill | |
|---|---|
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| Presented | Wednesday 20 March 2013 |
| Parliament | 55th |
| Party | Coalition government |
| Chancellor | George Osborne |
| Total revenue | £612 billion ($930 billion) (39% of 2012 GDP) |
| Total expenditures | £720 billion ($1.1 trillion) (45% of 2012 GDP) |
| Deficit | £108 billion (6% of 2012 GDP) |
| Website | Budget 2013 documents |
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The 2013 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday 20 March 2013.
It was the fourth budget of the Conservative-Liberal Democrat coalition government that was formed after the 2010 general election, and also the fourth to be delivered by Osborne.
Its key points included an increase in the personal allowance, a reduction of the rate of corporation tax, a freeze of the rate of fuel duty, and the cancellation of the duty escalator on beer.
The personal allowance each UK employee is entitled to earn before income tax is levied was increased for the third consecutive budget, to £10,000, from 2014. The increase had been planned to become effective in 2015 but was brought forward one year.
Before the 2012 budget, the rate of corporation tax in the UK was 26%. In his 2013 budget, Osborne announced another reduction in the rate in 2015 to 20%. The reductions would be offset by the bank levy.
New employment allowances will cut National Insurance bills for all UK firms, and 450,000 small businesses should pay no employer NI. Tax reliefs were also announced for investment in social enterprises, and Osborne axed a stamp duty on shares traded on growth markets such as the Alternative Investment Market.
Osborne cancelled an increase in fuel duty that had been planned for September 2013, and also cancelled a 3p increase in duty on beer planned for April 2013, instead cutting the beer duty by 1p from 24 March 2013. The duty escalator on beer was also cancelled, but remains in place for wine, spirits and cider. Duties on cigarettes were unchanged.
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