Budget 2012

The Chancellor has revealed the Government's plans for the 2012 budget. We look at what it holds and how it will affect the region.

Latest ITV News reports

Greggs share prices drop

Share prices for the Newcastle based bakers Greggs have fallen as a result of changes to the budget.

£30m was wiped from the shares following Chancellor George Osborne's announcement that VAT will be placed on hot take-out food.

18 pence will be added to the price of a 90 pence hot sausage roll as a result of the tax.

Food banks and soup kitchen warnings

A Teesside MP has warned that the continuing austerity measures could lead to even more people being forced to rely on food and soup kitchens to support their families.

Speaking in the ongoing budget debate in the Commons, Stockton North MP Alex Cunningham also said women were bearing the brunt of the cuts.

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Budget: Tax-free allowances

There's been criticism of George Osborne's decision to phase out age related tax-free allowances.

At the moment, people over 65 receive a supplement, on top of the allowance given to everyone else.

The Chancellor says no older people will lose money as a result of this budget. But, some people in Tynemouth think differently.

Call for Government to drop regional pay plans

by Gerry Foley, Westminster

The former minister for the North East Nick Brown has called on ministers to drop proposals which could open the way to local and regional pay settlements for public sector workers.

Speaking in the ongoing budget debate in the Commons, Mr Brown said their introduction would lead to unwelcome and unintended consequences. He also said it was a myth to suggest that higher public pay rates were crowding out the private sector locally.

Redcar waste site to close

Warrenby household waste centre near Redcar will close on 15th April 2012 as part of a number of efficiency savings proposed by Redcar and Cleveland Council.

From Monday 16th April residents can still take their waste and recycling to the Dunsdale site which is centrally located within the borough and with access from the B1269 Yearby to Guisborough Road.

The Council is facing unprecedented financial challenges following central government cutbacks imposed on local authorities and difficult decisions need to be made to balance the books. The closure of the Warrenby site will save the Council in the region of £250,000 per year and provide the opportunity to focus resources on the Dunsdale site to ensure we continue to meet the needs of our residents.

– Councillor George Dunning, Leader Redcar & Cleveland Council

The Dunsdale site will extend its opening hours as a result of the Warrenby closure.

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Westminster media ready for budget

by Gerry Foley, Westminster
Palace of Westminster
TV crews at the Palace of Westminster Credit: ITV

It is one of the biggest days in the political calendar. Since early morning broadcasters have been lined up opposite the Palace of Westminster. Speculation for now, hard analysis after George Osborne sits down, around 13:30

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