Budget in brief
The Chancellor rose at 12.31pm. His speech lasted 50 minutes.
ECONOMY
Economy expected to begin to grow again by the end of this year.
Forecast for GDP growth in 2009 is minus 3.5%.
Growth of 1.25% forecast for 2010. From 2011, growth of 3.5% per annum forecast.
Inflation expected to continue to come down sharply.
Public sector borrowing to hit £175bn this year - 12% of GDP - but to fall to 9.1% in two years.
JOBS
Extra £1.7bn for Job Centre Plus network.
From January, everyone under 25 and out of work will receive a job or training.
Pledge to create 250,000 jobs and £260m extra for training.
For the next two years, £250m and then £450m to maintain 54,000 sixth form places.
HOMES
More help for homeowners out of work to reduce repossessions.
Stamp duty holiday on homes up to £175,000 to go on to year’s end.
BUSINESS
Loss-making firms can reclaim tax on profits for past three years.
TAX
From April 2011 pension tax relief restricted for those on incomes over £150,000.
Planned new income tax rate of 45% on incomes above £150,000 will rise to 50% and take effect from next April - a year early.
Alcohol duties up by 2%. Tobacco duty up 2%.
ISA savings tax free limit raised to £10,000 (£5,100 in cash) for over-50s this year and for everyone else next year.
TRANSPORT
Fuel duty will increase by 2p per litre in September.
Car industry scrappage scheme of £2,000 for cars over 10 years old from next month to March 2010.
INVESTMENT
£5bn further efficiency savings in public services, rising to £9bn by 2013-14.
Capital investment to continue until the London Olympics, and to be 1.25% of GDP after 2013.
ENVIRONMENT
Extra £1bn to help climate change measures.
£50m to modernise armed forces housing.
North Sea oil exploration incentives.
Chancellor committed Britain to cut carbon emissions by 34% by 2020.
£525m new funds and support for offshore wind projects. £4bn more for renewable energy projects.
FAMILIES AND PENSIONS
From April next year, child element of child tax credit up £20.
Grandparents who are carers of children will see that work qualify towards state pension.
Pensions will rise in real terms.
Winter fuel allowance for pensioners to be maintained
