Budget 2010. How Will Thornbury Be Affected?

The last Budget before the General election was held earlier today, but how will Darling's announcements affect local people in the South West?

On a national level it has been announced that the deficit has gone down (from £178bn to £163bn) and that cuts to public spending is required - though a warning was given that immediate cuts would be dangerous to the country's overall economic recovery. Indeed, the Chancellor said: ""The challenge now is to bring down borrowing in a way that does not damage the recovery or frontline services people rely on.", which I expect will be a hard balancing act to accomplish.

At a glance it would appear that we are getting an increase in fuel, cigarette and alcohol duties (with rises in some areas being as much as 10% above inflation). Stamp Duty will be scrapped on homes below £250,000 (for first-time buyers) while property sales over £1 million will increase to 5% - both changes affecting a number of local properties. Other changes include a £2.5bn package to boost skills in small businesses and an increase in investment allowance for small firms.

One final point worth mentioning is the main environmental angle of the budget, which will see extra investment in low-carbon industries.

The 'At-a-glance: Budget 2010 key points' can be seen here in full, giving you an idea of what can be expected in the coming year. What issues did I miss that you think will have a profound affect locally or nationally? Let us know by posting your comments below.