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The Government's objective is to build a strong economy and a fair
society, where there is opportunity and security for all. The Pre-Budget
Report sets out how the Government is working to achieve this goal,
building on a platform of stability and sustained growth to ensure that
Britain can continue to succeed in an increasingly competitive global
economy. Key announcements in the Pre-Budget Report include:
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an updated economic forecast, which shows that
the UK economy is continuing to grow and that the Government is
meeting its strict fiscal rules for sound public finances over the
economic cycle;
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a package of reforms to raise the level of new home building
to improve the long-term affordability of housing;
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a series of steps to increase certainty of awards for tax
credits claimants while maintaining flexibility;
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an increase in the taxation of North Sea oil companies,
striking a balance between promoting investment and ensuring fairness
for taxpayers;
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a continuation of Winter Fuel Payments of £200
for households with someone aged 60 or over, and £300 for
households with someone aged 80 or over, for the rest of this Parliament;
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an additional £53 million to expand Youth Opportunity
Funds, enabling young people to secure the amenities and
activities they want in each local authority;
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an additional £300 million over three years to enable
pensioners on Pension Credit who do not have central heating
to have it installed free of charge;
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measures to tackle tax fraud, avoidance and tax motivated
incorporation;
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additional funding of £580 million to meet the cost
of the UK's international commitments, including in Iraq;
and
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the continuation of the freeze on main road fuel duties,
in response to the continued volatility in oil prices.
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