Alistair Darling's 2008 budget is announced today. Here's Raisingkids.co.uk's guide to the main points that affect families.
Key points from the 2008 budget
This Budget is about equipping Britain for the times ahead...about building a fairer society,' says Darling. 'There is no greater moral imperative than to make sure that every child has the highest aspiration and ambition. And the best possible opportunity to go as far as they have to the talent to go. Not some children, but every child.'
Benefits and tax credits
Child benefit for the first child will rise from £18.10 to £20 a week from April 2009 - a year earlier than originally planned.
From October 2009, rules for housing and council tax benefit will mean families on benefit are better off in work. A working family with one child on the lowest income will gain up to £17 a week, lifting 150,000 children out of poverty.
£125m over three years has been earmarked to help families that need it the most.
From April 2009, the child element of the child tax credit for families on low and middle income will increase by £50 a year above inflation.
Energy prices
Commitment to help families on pre-payment schemes with energy companies, both through voluntary schemes and through statute. The energy companies should increase their spending on social tariffs to £150m a year.
Fuel duty will rise by 2p but not until October 2008.
Education
£10m over next five years to build a science fund to give every science teacher in secondary and further education access to personal development geared towards improving science on offer in schools.
A £200m package over the next three years to bring forward by a year to 2011 the target for no school to have fewer than 30% of its pupils achieving 5 A*- C grades at GCSE including English and maths.
Women
There will be a fund of £12.5m to encourage more women entrepreneurs.
Environment
A fund of £26m for a green homes service to help people cut carbon emissions and their fuel bills.
If you're thinking of buying a new car from 2009, choose one that emits less than 130g/km and you'll pay no car tax in the first year.
Cigarettes and alcohol
11p added to the price of a packet of cigarettes.
From midnight on Sunday the price of a bottle of wine will rise by 14p a bottle, beer will rise by 4p a pint, spirits by 55p a bottle and cider 3p a litre.
In conclusion:
Figures from the treasury suggest that families with children will be, on average, £2,000 a year better off; and families with children in the poorest fifth of the population will be, on average, £4,500 better off.
Raisingkids.co.uk's opinion
The Chancellor's emphasis on eradicating child poverty is obviously a desirable objective. If the figures are to be believed, particularly that low-income families will be £4500 a year better off - representing a large part of their income - then it's laudable. Anything which attracts more science graduates into teaching and upgrades the science skills of existing teachers is obviously important. It's good to have objectives of high achievements in schools, but it should be done whilst maintaining standards - real improvement rather than grade inflation.' Dr Pat Spungin - Raisingkids.co.uk's Founder
