UK 2010 Budget By Darling at Flemmings

Today was a very limited day to work. Out of 33 units, I spent:-
- 7 units meeting with Partners,
- 20 units watching UK 2010 Budget in training room
- 6 units to go through issues and problems in management account.

Due to time constraint, I ended up working until 7.00p.m.
- 4 units meeting with manager to finalise agreement with letting agents
- the remaining 6 units to assist my clients to purchase a new residential property (including appointing surveyor and solicitors)

To clarify further, everyday I have to work up to 33 units (8 hours), from 8.30a.m to 5.30a.m. However, by 8.15 a.m. everybody must be at the office (to on PC, tea & planning). By 8.30 sharp, head down and fingers start tapping on the keyboards. No gossiping, no social loafing and everybody focusing on their work. We have to record what we have done for every 15 minutes (equal to 1 unit). My office culture is very very straight. Most people think it is a crazy culture but, if we look at positive side, Flemmings is a good place for training.

Today, we have to watch UK Budget (live) and comments how does the new budget affect out department and clients. Tomorrow, we have to buy Financial Times and it need to be signed off by the Partners.

No lunch provided for today. Only brunch and fresh fruits for the day. Frankly speaking, I cannot accept today's food. I can't remember what does it called but its like; we are eating maruku+kerepek pisang and potato chopped with mango sos (mix everything together) - terus sakit kepala makan benda alah tu dan tak boleh nak fikir macam mane nak kira income tax. But the fruits were excellent (strawbery / honeydew / papaya / pineapple & plum).

Let's go through key points in today's budget



• 3p fuel duty rise to be phased in in three stages between April and January 2011 rather than in one go next month
• Cider duty to rise by 10% above inflation from midnight on Sunday
• Wine, beer and spirit duties to rise by 2% from midnight on Sunday and further 2% rise planned for two years from 2013
• Tobacco duty up 1% from midnight on Sunday and by 2% in real terms each year until 2014
• Stamp Duty scrapped for homes below £250,000 for first-time buyers, but only for two years
• Stamp duty on residential property sales over £1m to increase to 5% from April 2011
• Economy contracted 6% during the recession
• Predicted growth of 1% to 1.25% in 2010, in line with forecasts
• 2011 growth forecast lowered from 3.5% to 3-3.5%
• Borrowing this year forecast to be £167bn - £11bn lower than predicted in December
• Borrowing to fall from £163bn in 2010-11 to £74bn by 2014-15
• Public sector net debt to reach 54% of gross domestic product this year, increasing to 75% in 2014/15.
• £2.5bn package for small business to boost skills and innovation
• One year business rate cut from October to help 500,000 companies
• Investment allowance for small firms doubled to £100,000
• Doubling relief on capital gains tax for entrepreneurs but no change to capital gains tax rates
• £385m to maintain road network
• Canals body British Waterways to become charitable trust not sold off
• One-off bank bonus tax has raised £2bn, double the amount forecast
• Basic bank account guarantee for a million extra people
• RBS and Lloyds Bank Group to provide £94bn in small business loans
• Backs tax on bank transactions but on global basis
• New service to adjudicate credit disputes
• Six month work or training guarantee for under 24s extended to 2012
• Amount of time over-65s must work to receive work credits reduced
• Tax allowances for those on over £100,000 gradually removed. No changes to allowances for everyone else.
• Annual limits on Individual Savings Acounts (ISAs) will rise from £7,200 to £10,200 next month.
• No changes to VAT or income tax planned
• Inheritance tax threshold frozen for four years
• Clampdown on tax avoidance to raise £500m
• New tax agreements with Belize, Grenada and Dominica
• On track to achieve £11bn efficiency savings target by 2012-3
• Reform of housing benefit to save £250m
• 15,000 civil servants to be relocated outside London
• £2bn investment bank to back low-carbon industries such as offshore wind. Government to provide £1bn through asset sales
• Funding for 20,000 new university places in science and maths but institutions must make savings elsewhere
• £35m enterprise fund to help university-launched businesses
• Winter fuel allowance rates extended for further year
• £4 rise in child tax credit for parents with young children from 2012

-END-