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The chancellor has delivered his 2013 budget speech!  With all this doom and gloom news for the last four years are we out of the tunnel at the end? Or we are just seeing a faint light at the end of the tunnel?

At glance the main points of the 2013 budget are:

• The annual rise in beer duty of 3 pence is scrapped. Further the price of a pint of beer is cut by 1 pence. Total 4 pence off the price! I do not drink!
• A planned 3 pence a liter hike in fuel duty in September 2013 is scrapped. A welcomed news for the motorists. I do not drive as much!
• Economy to grow just 0.6% this year (half of the predicted autumn figure). Britain will escape the triple dip recession (three consecutive quarters of negative growth). Growth to reach 1.8% next year and 2.3% by 2015. At least we will see growth in the coming years!
• Whitehall spending cuts of £3 billion more than planned for will be used to fund capital investment. Pay freeze for public sector workers is extended. Let us hope the private sector will absorb the increase in unemployment!
• Income Tax allowance will rise to £10,000 by April 2014. Corporation Tax will be cut to 20% by 2015. National Insurance break for smaller firms. This is good news for all!

Tougher times lie ahead but there is hope for better times. ICare-Accountant will always be your trustworthy partner to help you navigate the current difficult economical conditions.