House of Commons Paper Ser. : Building a Britain of Economic Strength and Social Justice - Economic and Fiscal Strategy Report and Financial Statement and Budget Report April 2003

Measures announced in the 2003 Budget include: the introduction of a Child Trust Fund or 'baby-bonds' whereby the government will pay £250 for every child born since September 2002; a new Pension Credit to be introduced in October 2003 for pensioners on low-incomes and a increase in the Winter fuel allowance of £100; an increase in Incapacity Benefit by £19 a week; an increase in taxes on tobacco, beer and wine whilst spirits duty frozen; corporation and capital gains taxes frozen; stamp duty on houses and commercial properties frozen; the threshold of inheritance tax raised from £250,000 to £255,000; £240 million to be made available for humanitarian aid to Iraq and £330 million for counter-terrorism measures including airport security. Other announcements include: the inflation rate at the lowest level for 30 years; a downward revision in the forecast for UK economic growth for this year to 2-2.5 per cent; the level of government borrowing increased to £27 billion; and an assessment on the UK's entry into the euro to be made in June 2003.