The Office of Budget Responsibility expects UK to avoid recession and is revising growth forecast for this year up to 0.8 per cent.
Inflation forecast to fall from 2.8 per cent this year to 1.9 per cent next year.
Unemployment expected to peak at 8.7 per cent this year.
Borrowing forecast to fall from £126 billion this year – £11 billion less than forecast in Autumn Statement – to £21 billion by 2016/17.
Cost of operations in Afghanistan to be £2.4 billion less than expected. Extra £100 million to be spent on armed forces accommodation.
Consultation to be held on offering gilts – Government bonds – with maturity terms of more than 50 years.
State pension age to be automatically reviewed to ensure it keeps up with growing longevity.
Simplification of tax system for pensioners.
Single-tier state pension to be introduced – estimated to be £140.
“Major package of tax changes” to boost oil and gas extraction in North Sea, and £3 billion new field allowance west of Shetland.
Tax credits for video games, animation and TV production in UK.
Funding for faster broadband in UK’s 10 largest cities.
Headline rate of corporation tax to be cut further from next month by one percentage point – to 24 per cent. Future cuts to go ahead as planned.
Bank levy to be increased to 0.105 per cent from next January, raising £2.5 billion a year.
No change in alcohol duty.
Duty on all tobacco products to rise by five per cent above inflation – 37p on a packet of cigarettes.
Changes to taxation on gambling firms, imposing tax at the place of consumption to discourage online gambling moving offshore.
Stamp duty charge on properties above £2 million through a company to rise immediately to 15 per cent.
Stamp duty rate of seven per cent on properties worth more than £2 million.
Fair fuel stabiliser means above-inflation rises in fuel duty will return if price of oil falls below £45 a barrel.
Vehicle excise duty to rise by rate of inflation. Duty frozen for road hauliers.
50p tax rate raised £1 billion – a third of the amount forecast.
Top rate to be reduced from 50p to 45p from April 2013.
Changes to taxation mean the Treasury will receive “five times more money each and every year from the wealthiest in our society”.
Personal tax allowances to rise by £1,100 from next April. Tax-free allowance to rise to £9,205
Personal tax statement will explain how taxation is spent.
Reform of tax system for small firms and review of VAT.
Child benefit to be reduced incrementally when one member of household earns more than £50,000 or removed completely at £60,000.