Budget´s Summary

2013 Budget has been mainly influenced by the Euro zone crisis and the idea of referendum to get out of the European Union.                                                        
The Budget was realised by the Chancellor of Exchequer and Second Lord of the Treasury of United Kingdom, George Osborne in the morning of Wednesday 20 March, 2013.

Roughly, in terms of the country´s economy, the Budget was about deficit, borrowing, net debt and Europe. It was focused in reducing deficit and building a stronger economy. The deficit, which is the difference between the money the Government takes in and its spending, is expected to fall to 6.8% next year.

Borrowing, money that Government has to raise in markets, is expected to drop less than £100bn.  The net Debt in the public sector will be 75.9% this year; it will keep growing up before it starts falling in 2017-2018. However, the Gross Domestic Product is expected to increase 0.6% this year. Moreover, in relation with Europe, the European budget negotiated the UK £3.5bn.
The Budget will also make some changes in daily life and families´ economy. Taxes are expected to rise and personal allowance will set up in £10,000. Corporation tax will be reduced so that it creates new business .

National Insurance will be cut the first £2,000 from national employee’s bills.
The Budget was focused in falling deficit and building a stronger economy, this regards cuts in the public sector such a social care or higher education level. Moreover, fuel it will also increase its value. All countries in the Euro zone are concerning about the crisis, United Kingdom, by now, is one of them.

The Bank of England still targeting for 2% inflation rate, with the purpose of boosting the economy. Government´s departments will also suffer cuts, it is expected to save more than £10bn in this sector.

Families with children will have more support, because of tax-free childcare vouchers. Pension flat rate will start in 2016 instead of 2017. Social care will also go through cuts. For this reason, pensioners will be moving on the private sector.

The expected raise of the alcohol is not going to be done and the beer will be 1p cheaper.

Besides the Budget, the unemployment rates were also released. It shows that the number of unemployed has risen. These figures start being worrying, almost a million of people between 16- to 24- years-olds have no job. It has increased by 20% since October.

The Budget was focused in falling deficit and building a stronger economy, this regards cuts in the public sector such a social care or higher education level. Moreover, fuel it will also increase its value. All countries in the Euro zone are concerning about the crisis, United Kingdom, by now, is one of them.

http://www.guardian.co.uk/uk/budget-2013