British Chancellor of the Exchequer Alistair Darling cut his borrowing and growth forecasts today in a pre-election budget that he said would help secure the nation's recovery from a record recession.
Mr Darling also announced a £2.5bn (Dh13.7bn) growth package to help strengthen recovery, as the Labour government was fighting to stay in power at a general election expected on May 6.
"This will be a budget to secure the recovery, tackle borrowing and invest in Britain's industrial future," said Mr Darling in his budget speech before parliament.
"It will set out how the government sticks to its plan to halve the deficit in four years," added Mr Darling in his last budget before a general election which Labour is battling to avoid defeat to the main opposition Conservatives.
The chancellor cut his economic growth forecast for 2011 to 3.0-3.5 per cent but held his prediction of 1.0-1.5 per cent expansion this year.
And he also trimmed his official borrowing target to £167bn for the current financial year which runs until the end of this month. That was lower than the previous estimate of £178bn.
Economists agree that Britain needs deep public spending cuts and higher taxes to fix public debt, which has surged to record levels due to huge banking bailouts and recession-hit taxation revenues.
"Borrowing is lower than forecast last year but the recovery is still in its infancy and there are still tough choices ahead," Mr Darling added, hinting at possible future spending cuts, after Britain escaped recession late last year.
To aid the battered economy, Mr Darling unveiled the growth package to "help small business, promote innovation, invest in national infrastructure".
And to boost the battered housing market, he lifted the lower tax threshold for property purchases to £250,000, from £125,000 previously.
Financial markets will likely focus on the government's attempts to slash a record public deficit.
Darling said he wanted to cut the deficit to 4.0 per cent of GDP by the 2014-2015 financial year.
The chancellor added that the government had so far raised £2bn in a bonus "supertax" that was slapped on bankers' bonuses last December.
He added that the Treasury has also received more than £8bn in fees and charges from taxpayer support given to the banking sector.
After a series of multi-billion-pound rescue packages, the government now owns 84 per cent of the Royal Bank of Scotland and 41 per cent of Lloyds Banking Group, while it nationalised lender Northern Rock outright.
"We will sell out shares in RBS and Lloyds, as well as Northern Rock in a way that maximises returns to the taxpayer," added Mr Darling.
* AFP
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%3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
Specs
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Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young