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Budget: 3G cash will pay UK debt

Brown to pay national debt with 3G mobile money

The government will use the windfall it gained from last year's auction of 3G (third generation) mobile licenses to pay off a large portion of the national debt, Chancellor Gordon Brown announced in his budget speech.

"Because of [our tight fiscal stance] and because of the spectrum cash proceeds, we are able to repay debt," said Brown.

Last April the government netted £22.48bn after almost eight weeks of sky-high bidding for five 3G mobile spectrum licenses. "This year the net cash debt repayment will be £34bn - more debt repaid by one British government in one year than all the total debt repaid by all the previous British governments of the last 50 years," the Chancellor said.

Brown also spoke of the government's plans to launch "initiatives to fill job vacancies in the IT industry", though he did not detail what those initiatives would be and the budget itself doesn't flesh out how this would be done either.

Brown promised tax relief for companies that go green and said the government will soon publish a list of technologies that will qualify for 100 percent tax relief.


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