Ways and Means

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  • Budget Statement (4 speeches)

    Relevant document: The unnumbered Explanatory Memoranda submitted by HM Treasury on 22nd September and 14th October, relating to excessive deficit in the United Kingdom.

  • Introduction

    I have three priorities in my Budget this year. The first priority is to keep the economy on track to achieve the great prize of sustainable growth. This recovery offers the best prospect that...

  • Uk Economy

    The background to this year's Budget is the healthy growth in output that we are seeing in Britain and overseas. The recovery has been under way at a modest pace for over two and a half years. It...

  • Inflation

    Let me deal first with inflation. Low inflation creates a climate of stability which encourages savings and investment in the future of this country. Nothing would be more damaging than if we...

  • Gilt Market Repos

    Before I turn to the public finances, I can announce an important further development of the gilts market. The Bank of England is publishing today a consultative document on the establishment of...

  • Public Finances

    I turn now to the public finances. Last year, I continued the process started by my right hon. Friend the Member for Kingston upon Thames (Mr. Lamont). I announced measures which cut the public...

  • Vat on Fuel Compensation Package

    I am able to improve the package of help that I announced last year to cushion the effects of VAT on fuel on all pensioners and on vulnerable groups—enormous though that package was when I...

  • Public Spending

    I would like to turn now to the Government's new plans for public spending. Last year's Budget set a new milestone in the control of public spending. We managed to reduce the control totals that...

  • Private Finance

    The right hon. Member for Kingston upon East (Mr. Prescott) reacted to my mention of private finance. Privatisation and private finance for capital investment are rapidly becoming the chosen...

  • Transport

    The growing importance of private finance has helped us to find significant savings for the taxpayer in the transport programme. In recent years, there has been a huge increase in public...

  • Running Costs

    Private finance will play an increasingly important role in financing better infrastructure for public services in coming years. I now turn to the need for firm control of the Government's...

  • Local Authorities

    It is only right that local government should follow central Government and take a similarly tough approach to containing its costs. The Government's proposals for local authorities have been set...

  • Housing

    We have managed to find savings in housing capital expenditure, in particular that of the Housing Corporation. The Government will comfortably exceed their election manifesto commitment on the...

  • Employment

    Against the background of steadily falling unemployment, it has also been possible to make economies in the employment programme while still improving the quality of the programmes that are...

  • Social Security

    As a result of the announcements in last year's Budget, we are already down the track of a thoroughgoing reform of the social security benefits system. We intend to ensure that it is better...

  • Education

    The Department for Education provision will increase in real terms by almost 1 per cent. next year. The Government are intent on extending their significant achievements in education, and we have...

  • Home Office

    The Government continue to attach high priority to spending on law and order. The new plans for the Home Office increase provision for the police by 3 per cent. in 1995–96. Major...

  • Single Regeneration Budget

    As a former Minister with responsibilities for the inner cities, 'I am pleased to say that within the single regeneration budget we have found extra resources to support new projects in our...

  • Health

    That brings me—finally, on public spending—to the Government's plans for the health service. With inflation so much lower than expected this year than last, it would have been...

  • Helping People Back to Work

    At the beginning of this speech I said that the combination of healthy growth and low inflation we are now seeing is virtually unprecedented in Britain's recent past. Few doubt the strength of...

  • Incentives for Employers

    The first step is to encourage employers to look more favourably on people who have been out of work for some time.I can announce, therefore, a wholly new incentive to encourage employers to take...

  • Incentives to Look for Work

    I need to match these incentives to employers with measures to ensure that people get the rewards to which they are entitled when they move from unemployment into work. First, we need to ensure...

  • Helping Employees with the Transition to Work

    But it has to be worth people's while to take jobs. I also intend to introduce new measures to ensure that people are not deterred by genuine, short-term financial problems when they try to move...

  • Family Credit

    Family credit has been an important and effective way of encouraging lone parents and couples with children to take employment. By providing top-up benefit for those in work it makes it worth...

  • Tax

    Let me turn now to my proposals for taxation. Happily, in this year's Budget, I have no need to raise revenue overall in order to secure the public finances. The action in last year's Budget,...

  • Anti-Avoidance

    I am delighted that there now appears to be a wide political consensus in the House on the need to close loopholes and to prevent the artificial avoidance of taxation. There is, I have to say, in...

  • Vehicle Excise Duties and Vat on Cars

    I have some major proposals on vehicle excise duty this year. Few things annoy honest motorists more than knowing that many people still drive without a tax disc and waste the time of police and...

  • Fuel Duties

    In my last Budget, I announced that road fuel duties would increase on average by at least 5 per cent. in real terms in future Budgets. This year, I intend to stick to that commitment. It is an...

  • Tobacco

    I turn next to duties on tobacco. The Government are committed to reducing smoking. I continue to believe that higher tax is the most effective and fair means of doing so. Last year I said that...

  • Alcohol

    The single European market has brought real benefits to British industry, through an expanded market for business, increased competition, reduced bureaucracy at frontiers and cheaper transport...

  • Betting and Gaming Duties

    The Government also intend to modernise and deregulate betting and gaming. This process is, in my opinion, welcome and much overdue. The coverage of taxation must also keep up to date with the...

  • Business Taxes

    A strong and thriving business community is the only way to ensure a strong and thriving economy. The Government have a record of achievement in developing the tax system in ways which improve...

  • Corporation Tax and Capital Allowances

    First, I should like to say a few words about corporation tax and capital allowances. We have one of the lowest corporation tax rates in the industrialised world. Low tax rates are good for...

  • Business Rates

    I would now like to deal with business rates. We are about to implement the first five-yearly review of valuations of properties for rating purposes. Without those five-yearly reviews the rate...

  • Ecgd

    I laid stress at the beginning of my speech on our improved export performance. We need to build on this and not become complacent. Strong export growth will be essential if healthy recovery is...

  • Landfill Tax

    As I said earlier, one of my main objectives for the tax system is that it should raise revenue in ways which do the least possible damage to the economy. In some cases, taxes do some good, by...

  • Small Businesses

    I have more measures to help small businesses in particular. The need to focus on smaller firms with growth potential has been an extremely important theme of the industrial finance initiative....

  • Enterprise Investment Scheme

    The new enterprise investment scheme is now in place, offering tax relief for investment in unquoted trading companies. Over 40 per cent. of the schemes set up so far involve so-called business...

  • Venture Capital Trusts

    I have consulted widely on venture capital trusts and the response has been very positive. I have accepted suggestions for change on some details and I propose to implement the scheme in full. I...

  • Insolvency Reform

    During the recent recession businesses, particularly small businesses, were too often being closed down by their creditors and jobs lost before rescue options had been properly explored....

  • Loan Guarantee Scheme

    The impact of the 1993 changes to the loan guarantee scheme has been encouraging, but its rules are still quite rightly being criticised as too complex. Together with my right hon. Friend the...

  • Lifting Burdens on Business

    The tax system not only imposes a financial burden on business that pay tax, but a regulatory burden and an overhead cost as well. I want to reduce those burdens on businesses. Simply running...

  • Savings

    Higher savings also have an important role to play in helping sustain growth, by providing additional resources for investment.— [Interruption.] I must tell the hon. Member for Bolsover...

  • Peps and Corporate Bonds

    personal equity plans have been very successful since their introduction in 1986. Over £15 billion has been invested in over 4 million plans to date. They have widened share ownership and...

  • TESSAs

    When my right hon. Friend the Prime Minister introduced tax exempt special savings accounts—or TESSAs, as they came to be called—it was understood that tax-free interest would be...

  • Income Tax

    Finally, I turn from taxation to income tax. The lower, basic and higher rates of income tax will remain unchanged in 1995–96. However, we can at last begin to benefit from our steady...

  • Public Spending Aggregates

    All my efforts to help businesses and help the unemployed will be to no avail if I did not keep a firm grip on public spending. I have already dealt with spending by each Department. But I have...

  • Conclusion

    This Budget keeps Britain firmly on track for real economic growth that can last. This Budget concentrates on strengthening British businesses. This Budget will help to create more jobs. And it...

  • Provisional Collection of Taxes (1 speech)

    Motion made, and Question,That, pursuant to section 5 of the Provisional Collection of Taxes Act 1968, provisional statutory effect shall be given to the following motions:— (a) Tobacco...