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2004 pre-budget report - main points

Today Gordon Brown delivered his Pre-Budget Report.

Whilst he announced a clampdown on tax avoidance schemes exact details were not described they are available in the full budget report available on the Inland Revenue website.

Some of the main points from Gordon Brown's pre-Budget report:

The chancellor said Britain must strive for world leadership in science and technology.
Mr Brown said he wanted US levels of business creation.
UK economic growth would be 3.25% for this year
Inflation this year had been 1.25% and was expected to be 1.75% next year.
Business investment was expected to rise by 5.75% this year and 4% to 4.5% next year.
Growth for 2005 was projected at 3 to 3.5%, said the chancellor.
The chancellor said borrowing was 34.3% of national income - a figure he contrasted favourably with Germany and America.
Public spending will rise to £579bn in 2007-08, £607bn in 2008-09 and £634bn in 2009-10.
Mr Brown said the most successful economies in the future would be the ones that got more people of working age into work.
Single parents would get £40 return to work bonus and a £40 credit for people on incapacity benefit.
The chancellor said his 'Golden Rule' was being met in this economic cycle by a margin of £8bn and will be met in the next cycle.
The chancellor announced a clampdown on tax avoidance schemes including abuse of film tax legislation.
Mr Brown said £285m would be allocated to extend paid maternity leave from 6 months to 9 months with a goal of an entire year.