Budget 2013: What to watch out for

WHO: GEORGE OSBORNE
WHEN: 12.30PM TODAY
WHERE: HOUSE OF COMMONS

WHAT WE ALREADY KNOW
Extra capital spending
Infrastructure projects worth £2.5bn

New spending cuts
Whitehall faces one per cent cut to budgets

Childcare vouchers
£1,200 for families where both are in work

State pension reform
New pension brought forward to 2016

Social care fees
Cap brought forward and set at £72,000

Approval for Hinkley Point
Planning permission for nuclear generator

Right-to-buy extended
Londoners to receive £100,000 discount

Heseltine review
Accept key findings of Lord Heseltine’s report into boosting regional growth

Some spending protected
Ministry of Defence and police gain some exemptions from new budget cuts


National Insurance loophole
Tax scheme closed to raise £100m

WHAT MIGHT HAPPEN 
Personal allowance
Increased to £10,000 from April 2014

Corporation tax
Further cuts to 20 per cent rate
Fuel duty
Postpone planned rise in petrol tax

Bank of England
Reforms to the Bank’s remit

Alcohol tax
Beer duty escalator to be abolished

Child Trust Funds
Made transferable to junior ISAs

Equitable Life
Compensation for more victims

Military pay
Extra pay rise for the armed forces

THE KEY NUMBERS 
Budget deficit
Borrowing could be as much
as £8bn higher than predicted in December

GDP growth forecast
Could be cut from 1.2 per cent to below one per cent