Boiler scrappage scheme among PBR plans
09 December 2009 16:12:13
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| Energy efficiency in homes could increase due to the programme. |
Alistair Darling also told parliament that he would be making changes to the tax regime and that the state pension would rise by 2.5% next year.
The scrappage programme will offer householders a £400 incentive to trade in their old boiler for a new model.
Installing a new boiler can increase overall household energy efficiency, lowering gas and electricity bills over the long term.
Mr Darling also said that banks would have to pay a one-off tax of 50% on annual staff bonuses exceeding £25,000 and that National Insurance would rise by 0.5% from April 2011.
Meanwhile, VAT will revert to 17.5% from its current rate of 15% in the New Year.
The sales tax was temporarily reduced in late 2008 in order to provide an economic stimulus in the recession by making retail goods less expensive.
Mr Darling confirmed that there are no immediate plans to increase VAT further in future.
The government's economic forecast for 2009 has been revised downwards in the PBR, with GDP now expected to fall by 4.75% this year.
In April 2009, a decline of 3.5% had been predicted.
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