CHANCELLOR George Osborne delivered the Coalition Government’s second Budget today.
But what difference will it make to your daily lives?
Osborne began his speech at 12.33pm and finished just under an hour later, promising to do “what we can to help families with the cost of living and high price of oil”.
“This is a Budget for making things, not for making things up,” Osborne insisted.
WHAT HE SAID
Annual growth forecast revised down from 2.1% to 1.7% in 2012.
Inflation expected to remain at 4-5% this year, 2.5% next year and 2% the following year.
Libya military action to be financed entirely by Treasury and Treasury reserve.
Borrowing forecast to fall from £146 billion this year to £29 billion in 2015/16.
£250 million shared equity scheme for first-time home buyers.
£100 million to help repair potholes on the roads.
ENTERPRISE AND SCIENCE
21 new enterprise zones to be created.
£100 million extra to be invested in new science centres.
Green Deal to reduce energy bills from next year.
The UK to become the first country in the world to introduce a carbon price floor for the power sector.
New “green investment bank” to have access to £3 billion of funds.
EDUCATION AND JOBS
24 university technical colleges to be founded.
Extra 40,000 apprenticeships for jobless young people in England.
Hutton recommendations on public sector pensions accepted.
Single-tier flat-rate state pension to be created, expected to be about £140-a-week.
Gift aid administration to be simplified, especially for small donations.
TAX AND DUTY
Direct tax to be indexed by CPI from April 2012.
Consultation on merging National Insurance and income tax.
From April, corporation tax will be reduced by 2%, and by 1% in each of the following three years, to bring it to 23%.
Bank levy rate to be adjusted to offset the cut in corporation tax.
£350million worth of regulation on businesses to be removed.
Relief for entrepreneur tax doubled to £10million.
A £50,000 charge for non-doms who have lived in the UK for 12 years.
The 50p tax rate should be a temporary measure - tax receipts to be reviewed.
Taxation of high value property needs reform.
Rate relief holiday for small businesses extended to October 2012.
Inheritance tax discount of 10% for charitable donations.
Tax avoidance loopholes to be closed, raising £1billion.
Personal tax allowance to rise from £7,475 to more than £8,105 in April 2012.
Plans to switch air passenger duty from passengers to planes have been dropped.
Air passenger duty rise postponed for one year. The Government will seek to impose the tax on private jets.
No new changes to rates of alcohol duty.
Tobacco duty changes announced earlier take effect from 6pm today.
Business mileage allowance increased from 40p to 45p.
Fair Fuel Stabiliser introduced, funded by increasing the supplementary charge on North Sea oil and gas production from 20% to 32% from tomorrow.
Petrol price escalator cancelled when oil price is high.
Fuel duty cut by 1p per litre from 6pm today.