A Budget for . . .


lasting prosperity

  • combining sustained economic growth with low inflation so that living standards go on rising year after year.


    helping people keep more of what they earn

  • basic rate of income tax reduced to 23p.

  • 20p income tax band widened by £200.

  • income tax personal allowances further increased.

  • inheritance tax threshold increased by £15,000.


    high quality public services

  • spending more on the services people care most about:


    responsible public finances

  • maintaining firm control of public spending.

  • reinforcing the downward path of borrowing.


    protecting the ordinary taxpayer

  • boosting the fight against tax and social security fraud.

  • closing tax loopholes.

  • phasing out special reliefs and allowances.

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    [Prepared November 1996]