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Pre-Budget Report 2011

Highlights from the November 2011 pre-budget report

  • The main rate of corporation tax to be cut from 26% to 25% in Apr 2012 - The Government intend to reduce this further to 23% by 2014
  • The planned Jan 2012 3p fuel duty increases had been postponed until Aug 2012, and the planned 2p increased originally planned for Aug 2012 has been cancelled
  • Average rise in regulated train fares has been capped at 6%. 1% above inflation but lower than the 8% cap previously expected
  • Credit easing programme to underwrite up to £40bn in low interest loans to small and medium sized businesses
  • The business rate holiday relief for small firms has been extended to Apr 2013
  • £1bn "youth contract" to subsidise six month work placements for up to 410,000 young people
  • State pension age will increase to 67 from 2026, 8 years earlier than previously planned
  • New mortgage indemnity scheme to help up to 100,000 people buy homes with a 5% deposit
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