That appeared to be a fastidiously worked out political move given arguable Tory plans to raise the inheritance tax threshold to £1 million
Mr Darling claimed that he would stick by his guarantee to split the hole in the following four years.
Mr Darling was able to double the stamp duty holiday offered to first time customers, to a new limit of £250,000, paid by a new 5 p.c rate on properties priced in the region of over £1 million.
That appeared to be a fastidiously worked out political move given arguable Tory plans to raise the inheritance tax threshold to £1 million. Mr Darling announced that Labour would freeze the inheritance tax threshold at its current rate for another four years to help pay for the care of aged party. Mr Darling engaged in some more partisan politics too, disparaging the Tory leader, David Cameron, for his commercial policies and using news of a reciprocal tax bargain with Belize to take a swipe at the Tories’ non-dom helper boss, Lord Ashcroft.
With Gordon Brown sitting behind him, Mr Darling articulated that his third Budget would “secure the recovery, tackle borrowing and invest in Britain’s commercial future”. At its heart, he announced, was a £2.5 bill “one-off enlargement package” to prompt investment from small and medium-sized ventures, a lot of which will have to pay no business rates next year. Mr Darling exposed a new expansion capital fund to provide capital for quick growing firms and related that RBS and Lloyds, the two nationalised high st banks, would provide £94 bn. Of new company loans, half them to tiny and medium ventures. The ruling body is also planning to line up a new Green Investment Bank, controlling £2 bill of equity. Half its cost will come from asset sales, with the rest matched by private investment.