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Budget announced.


2:01pm 23rd March 2011

Latest budget information outlined below.

George Osborne: "Not a tax-raising budget - but not a giveaway either".

"Stability and lower interest rates have been achieved - but stability is not enough".

Annual growth forecast for 2011 revised to 1.7per cent - increasing to 2.9 per cent in 2013.

Has written to Gov of Bank of England about inflation - to fall to 2.5 per cent next year.

Treasury reserves will meet the cost of Libya action.

National debt 60 per cent of GDP.

2012 borrowing 122-billion pounds.

Private sector growth - urgent call to action - major reforms are needed.

Taxes should be efficient and support growth - and easy to understand.

43 tax reliefs to be scrapped.

Consultation on merging income tax and National Insurance to simplify tax system.

Tax rules for foreign companies are to be reformed.

Corporation tax cut by 2 per cent from April - and to fall by 1per cent for the next 3 years.

'No-win no fee' lawyers to be restricted.

Time limits on planning applications.

15 per cent increase in credit for small businesses.

50-thousand pound charge for non doms in UK for 12 years.

50p tax rate is temporary measure - now is not the right time to remove it but a review is needed.

New 250-million pound scheme for first-time buyers - will help 10-thousand families.

Extra 100m pounds for new science facilities.

Extra 200 million pounds for regional railways.

100 million pounds to repair potholes.

Funding for 21 enterprise zones - further 10 zones in summer.

Help for water bills to be brought down in south-west.

Green Investment Bank to now start in 2012 with 2-billion pounds extra added.

Funding for 24 new technical colleges.

100-thousand new work experience scheme places.

Funding for another 40-thousand apprentices.

Regular reviews of increase in state pension age.

Hutton report on public sector pension to be accepted.

Complex state pension system to be changed - new single tier worth 140-pounds per week.

Gift aid system to be moved online - benefits up from 500-pounds to 2-thousand 500.

Encouragement to give more money to charity in wills.

Tightening up of tax avoidance - including music warehouses in Channel Islands - to raise 1-billion pounds a year.

Pay uplift for public workers on less than 21-thousand.

Child tax credit for low incomes up 255 pounds

Personal income tax allowance up by 1-thousand (8,105 from 2012).

Private jets are to pay air tax - air passenger duty rise delayed to 2012.

No changes on alcohol duty.

Tobacco tax rate up by 2 per cent above inflation.

Car tax up by inflation only.

Mileage rate up from 40p to 45p per mile.

HGV rates frozen.

Petrol - fair fuel stabiliser introduced - charge on oil and gas production up to 32 per cent.

April 2012 rise on fuel duty delayed.

Fuel duty escalator cancelled.

Cutting fuel duty by 1p per litre tonight.

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