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BUDGET 2015Return to an order of the House of Commonsdated 18 March 2015Copy of the Budget report – March 2015 aslaid before the House of Commons by theChancellor of the Exchequer when openingthe Budget.David GaukeHer Majesty’s Treasury18 March 2015Ordered by the House of Commons to beprinted 18 March 2015HC 1093
© Crown copyright 2015This publication is licensed under the terms of the Open GovernmentLicence v3.0 except where otherwise stated. To view this licence, visitnationalarchives.gov.uk/doc/open-government-licence/version/3 or write tothe Information Policy Team, The National Archives, Kew, London TW9 4DU,or email: psi@nationalarchives.gsi.gov.uk.Where we have identified any third party copyright information you willneed to obtain permission from the copyright holders concerned.This publication is available at www.gov.uk/government/publicationsAny enquiries regarding this publication should be sent to us atpublic.enquiries@hmtreasury.gsi.gov.ukPrint ISBN 9781474116152Web ISBN 9781474116169ID 04031515 47881 03/15PU1759Printed on paper containing 75% recycled fibre content minimumPrinted in the UK by the Williams Lea Group on behalf of the Controller ofHer Majesty’s Stationery OfficeThe Budget report is presented pursuant to section 2 of the Budget Responsibility and National Audit Act 2011and in accordance with the Charter for Budget Responsibility. The Budget report, combined with the Office forBudget Responsibility’s Economic and fiscal outlook, constitutes the government’s assessment under section 5 ofthe European Communities (Amendment) Act 1993 that will form the basis of the government’s submissions tothe European Commission under 121 TFEU (ex Articles 99/103 TEU) and Article 126 TFEU (ex Article 104/104c TEU)after the assessment is approved by Parliament.
Page 1: BUDGET 2015HC 1093March 2015
Page 6 and 7: Executive SummaryWhen this Parliame
Page 8 and 9: Public sector net debt is forecast
Page 10 and 11: Chapter 2 sets out all measures ann
Page 12 and 13: Budget Report
Page 14 and 15: monetary policy and measures to sup
Page 16 and 17: Chart 1.2: International comparison
Page 18 and 19: developed countries. 19 The recent
Page 20 and 21: 1.27 The UK economy faces a number
Page 22 and 23: 1.39 Inflation fell markedly to 0.5
Page 24 and 25: Financial sector and other asset sa
Page 26 and 27: Fiscal forecast1.57 As set out in T
Page 28 and 29: Chart 1.6: Consolidation in the cyc
Page 30 and 31: shocks to the economy, even though
Page 32 and 33: and focus their budgets on providin
Page 34 and 35: of options to integrate spending ar
Page 36 and 37: Devolution1.95 The government conti
Page 38 and 39: Growth1.103 The UK economy had the
Page 40 and 41: Supporting business through the tax
Page 42 and 43: a 21 st century economy. The terms
Page 44 and 45: 1.124 The broadband connection vouc
Page 46 and 47: country to get onto the property la
Page 48 and 49: network of high quality rail connec
Page 50 and 51: to support tourism in the North Eas
Page 52 and 53:
South East1.174 Housing: Housing re
Page 54 and 55:
1.185 The government will also prov
Page 56 and 57:
Infrastructure Investment Bank (AII
Page 58 and 59:
Fairness1.205 The government’s lo
Page 60 and 61:
National Minimum Wage1.213 As annou
Page 62 and 63:
1.225 The government will allow ISA
Page 64 and 65:
1.235 Young people can develop ment
Page 66 and 67:
estrict travel and subsistence reli
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Table 2.1: Budget 2015 policy decis
Page 70 and 71:
Table 2.2: Measures announced at Au
Page 72 and 73:
Public SpendingTotal Managed Expend
Page 74 and 75:
Table 2.5: Departmental Expenditure
Page 76 and 77:
2.19 Integrating services for peopl
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Midlands2.40 High Speed Rail Invest
Page 80 and 81:
International development2.63 Antim
Page 82 and 83:
2.78 Social investment - The govern
Page 84 and 85:
new rules to target avoidance throu
Page 86 and 87:
••RAF Biggin Hill Chapel Memori
Page 88 and 89:
materials incorporated in products
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2.147 Tobacco Duty rates - As annou
Page 92 and 93:
Environment and energy taxes2.170 A
Page 94 and 95:
2.191 Simplified expenses: legislat
Page 96 and 97:
••strengthen the descriptions o
Page 98 and 99:
2.226 Smart ATMs - The government w
Page 100 and 101:
2.242 Promoting the use of task-sha
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2.264 Science grand challenge fundi
Page 104 and 105:
2.286 Northern powerhouse trade mis
Page 106 and 107:
102 Budget 2015
Page 108 and 109:
Gilt issuance by maturity, type and
Page 110 and 111:
Illustrative future gross financing
Page 112 and 113:
Table C.1: Detailed summary of OBR
Page 114 and 115:
Table C.3: Current Receipts: OBR fo
Page 116 and 117:
Table C.5: OBR forecast of the head
Page 118 and 119:
Table C.8: Changes to the OBR’s f
Page 120 and 121:
EISEPSRCEREUFBCFCAFCERMFCOFITsFLSFP
Page 122 and 123:
LIST OF TABLESExecutive Summary1 Su
Page 124:
HM Treasury contactsThis document c
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