George Osborne presented his third Budget on Wednesday 21 March 2012.
The Chancellor started by reaffirming the need for stability in the UK economy and finished in Churchillian style with phrases such as:
‘No people will strive as the British will strive.’ ‘No country will adapt as the British will adapt.’ ‘This country borrowed its way into trouble. Now we’re going to earn our way out.’
Towards the end of last year the Government issued the majority of the clauses, in draft, of Finance Bill 2012 together with updates on consultations. The publication of the draft Finance Bill clauses is part of the Government’s improvements in the way tax policy is developed, communicated and legislated. The Budget updates some of these previous announcements and also proposes further measures. Some of these changes apply from April 2012 and some take effect at a later date, so the timing needs to be carefully considered.
Our summary focuses on the issues likely to affect you, your family and your business. To help you decipher what was said we have included our own comments.