What do we already know about today's Budget?

Today's Budget is one of the most leaky ever. Here is a breakdown of the measures already trailed.

You would be forgiven for thinking that George Osborne's Budget speech today is simply a formality, given the amount of material that has already been leaked. Here is a summary of what has already been trailed, in what must be one of the most leaked Budgets ever.

50p tax

It looks nearly certain that the Chancellor will scrap the top rate of tax, which applies to those earning over £150,000. Rather than abolishing it outright, it will be reduced from 50p in the pound to 45p. This lays the groundwork for getting rid of it entirely next year, and reverting to 40p as the highest rate of tax.

Tax avoidance clampdown

To offset this tax cut for the rich, Osborne has promised to "come down like a ton of bricks" on those who avoid stamp duty. The annual charge on non-domiciled residents will also be upped from £30,000 to £50,000. It's worth noting that the higher rate was floated last year but did not materialise. In today's FT, Martin Taylor says we should not expect this tax clampdown to work.

Stamp duty

In a small victory for the Lib Dems, who have long been lobbying for some form of property tax, stamp duty is to be raised from 5 per cent to 7 per cent on properties worth more than £2m. This measure should raise £2.2bn to help fund the increase in the income tax threshold.

Raising the income tax threshold

Osborne will accelerate plans to raise the income tax threshold to £10,000. This move, heavily touted by the Liberal Democrats, will apply to all 23 million basic tax-rate payers and many higher earners, too. Osborne is likely to announce a large short-term increase, with plans to reach the £10,000 mark by April 2014, long before it was scheduled.

Regional pay deals

Public sector workers in poorer areas of the country will be paid lower salaries - in some cases, as early as next month. Osborne will argue that the public sector should be more like the private sector and reflect local economies, but critics say it will accentuate the economic divide between north and south. It was unclear whether the new rates would apply only to new staff or to existing staff as well. The Treasury insisted that no current employee would suffer a pay cut - rather, rates would be adjusted over time.

Sunday trading hours

The Chancellor will force through emergency legislation lifting the six-hour limit on opening hours for larger stores, in a bid to boost the economy. The restrictions will be lifted on eight weekends over the summer, to coincide with the Olympics and Paralympics. This could open the door for the restrictions to be scrapped altogether.

Tax transparency

Taxpayers will be given a breakdown of where their tax money is going, from the NHS, to defence, to unemployment benefits.

TV tax breaks

The government will launch a consultation on tax breaks for high-budget British television dramas, such as the wildly successful Downton Abbey.

Royal Mail privatisation

In a radical move, the government will take on all the assets and liabilities of the Royal Mail's pension fund, taking responsibility for paying postal workers' pensions for decades to come. This will open the door for the privatisation of the postal service: the pension fund, which has a shortfall of £9.5m, would make it impossible to attract a private sector buyer.

Planning laws to be relaxed

Osborne has said he is "deeply frustrated" with the slowness of the planning process, and will announce new legislation to make it easier to build in the countryside. This will clear the way for more homes and infrastructure to be built - but it may further undermine the coalition's claim to be "the greenest government ever". Regulations protecting wildlife are expected to be scrapped as part of this drive.

International aid

It looks as if the commitment to spend 0.7 per cent of GDP on international aid will be maintained.

 

Samira Shackle is a freelance journalist, who tweets @samirashackle. She was formerly a staff writer for the New Statesman.

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Let's face it: supporting Spurs is basically a form of charity

Now, for my biggest donation yet . . .

I gazed in awe at the new stadium, the future home of Spurs, wondering where my treasures will go. It is going to be one of the architectural wonders of the modern world (football stadia division), yet at the same time it seems ancient, archaic, a Roman ruin, very much like an amphitheatre I once saw in Croatia. It’s at the stage in a new construction when you can see all the bones and none of the flesh, with huge tiers soaring up into the sky. You can’t tell if it’s going or coming, a past perfect ruin or a perfect future model.

It has been so annoying at White Hart Lane this past year or so, having to walk round walkways and under awnings and dodge fences and hoardings, losing all sense of direction. Millions of pounds were being poured into what appeared to be a hole in the ground. The new stadium will replace part of one end of the present one, which was built in 1898. It has been hard not to be unaware of what’s going on, continually asking ourselves, as we take our seats: did the earth move for you?

Now, at long last, you can see what will be there, when it emerges from the scaffolding in another year. Awesome, of course. And, har, har, it will hold more people than Arsenal’s new home by 1,000 (61,000, as opposed to the puny Emirates, with only 60,000). At each home game, I am thinking about the future, wondering how my treasures will fare: will they be happy there?

No, I don’t mean Harry Kane, Danny Rose and Kyle Walker – local as well as national treasures. Not many Prem teams these days can boast quite as many English persons in their ranks. I mean my treasures, stuff wot I have been collecting these past 50 years.

About ten years ago, I went to a shareholders’ meeting at White Hart Lane when the embryonic plans for the new stadium were being announced. I stood up when questions were called for and asked the chairman, Daniel Levy, about having a museum in the new stadium. I told him that Man United had made £1m the previous year from their museum. Surely Spurs should make room for one in the brave new mega-stadium – to show off our long and proud history, delight the fans and all those interested in football history and make a few bob.

He mumbled something – fluent enough, as he did go to Cambridge – but gave nothing away, like the PM caught at Prime Minister’s Questions with an unexpected question.

But now it is going to happen. The people who are designing the museum are coming from Manchester to look at my treasures. They asked for a list but I said, “No chance.” I must have 2,000 items of Spurs memorabilia. I could be dead by the time I finish listing them. They’ll have to see them, in the flesh, and then they’ll be free to take away whatever they might consider worth having in the new museum.

I’m awfully kind that way, partly because I have always looked on supporting Spurs as a form of charity. You don’t expect any reward. Nor could you expect a great deal of pleasure, these past few decades, and certainly not the other day at Liverpool when they were shite. But you do want to help them, poor things.

I have been downsizing since my wife died, and since we sold our Loweswater house, and I’m now clearing out some of my treasures. I’ve donated a very rare Wordsworth book to Dove Cottage, five letters from Beatrix Potter to the Armitt Library in Ambleside, and handwritten Beatles lyrics to the British Library. If Beckham and I don’t get a knighthood in the next honours list, I will be spitting.

My Spurs stuff includes programmes going back to 1910, plus recent stuff like the Opus book, that monster publication, about the size of a black cab. Limited editions cost £8,000 a copy in 2007. I got mine free, as I did the introduction and loaned them photographs. I will be glad to get rid of it. It’s blocking the light in my room.

Perhaps, depending on what they want, and they might take nothing, I will ask for a small pourboire in return. Two free tickets in the new stadium. For life. Or longer . . . 

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 16 February 2017 issue of the New Statesman, The New Times