Chancellor George Osborne rose to deliver his second Budget to the House of Commons at 12.33pm
Mr Osborne said today’s Budget was "about reforming the nation’s economy, so that we have enduring growth and jobs in the future".
Measures announced today will be "fiscally neutral across the period" neither raising tax nor offering giveaways.
Mr Osborne said today’s measures are "fiscally neutral across the period" neither raising taxes nor offering giveaways".
Office for Budget Responsibility forecasts growth of 1.7% for 2011, 2.5% next year, 2.9% in 2013, 2.9% in 2014 and 2.8% in 2015.
OBR forecasts inflation to remain between 4% and 5% for most of this year, dropping to 2.5% next year and 2% in two years’ time.
Mr Osborne today wrote to Bank of England Governor Mervyn King to confirm Monetary Policy Committee inflation target to remain 2%, on CIP index.
Asset Puchase Facility set up under Labour to remain in place.
Additional cost of military operations in Libya to be funded by Treasury reserve.
Borrowing for this year to be £146 billion - below target.
OBR central forecast is that the Government will meet its fiscal mandate of a balanced structural current budget and falling national debt by the end of the Parliament.
The Budget abolishes 43 complex tax reliefs to simplify the system.
More than 100 pages removed from the tax code at a stroke, said Mr Osborne.
From April 2012, the default indexation assumption for direct taxes to move to the CPI inflation index.
Government to consult on merging the operation of National Insurance and Income Tax.
New rules to apply 5.75% rate on overseas financing income to attract international investment.
Corporation Tax reduced by 2% from April 2011 - rather than 1% as previously announced - and to fall by 1% in each of the next three years to reach 23%.
Bank Levy rate to be adjusted next year to offset the effect of Corporation Tax reduction on banks.
Entrepreneurs Relief scheme to be doubled to £10 million from April 6.
Charge on non-domiciled taxpayers to increase from £30,000 for those here for seven years to £50,000 for those in the country for 12 years, raising more than £200 million.
Reviews launched on the revenue raised by the 50p tax rate and on the taxation of very high value property.
Reforms to radically reduce delays in approval for clinical trials; to improve the intellectual property regime in digital and creative industries; and reform the money laundering regime.
Small business rate relief holiday extended by one year to October 2012, at a cost of £370 million.
New shared equity scheme for first-time buyers to help 10,000 families get onto the housing ladder, funded from £250 million from the Bank Levy.
Support for Mortgage Interest scheme extended by one year to January 2013, reducing mortgage arrears for 100,000 jobless homeowners.
Central funding of £100 million to help councils repair potholes.
Funds provided for 21 new Enterprise Zones.
Public money to reduce unusually-high water bills in South West England.
The UK to become the first country in the world to introduce a carbon price floor for the power sector.
Climate change levy discount on electricity for those signing up to climate change agereements will rise from 65% to 80% from April 2013.
Green Investment Bank created with an additional £2 billion, to start operation one year early in 2012.
Simplification of Gift Aid, including increase in benefit limits from £500 to £2,500.
From April 2012, people leaving 10% or more of their estate to charity will enjoy 10% reduction in inheritance tax, benefiting charities by £300 million.
Gift Aid on small donations to be provided without filling forms in, benefiting charities by £240 million.
Pay rise of £250 for armed forces, prison, NHS, teachers and civil servants earning under £21,000.
Clampdown on tax avoidance to raise £1 billion per year from levies including Stamp Duty, Capital Gains Tax and relief on CDs imported from Channel Islands.
Personal tax allowance to rise by £630 to £8,105 in April 2012 - a real increase of £48 a year or £126 in cash terms.
Plans to switch air passenger duty from passengers to planes have been dropped. This year’s APD rise postponed for one year, and the Government will seek to impose the tax on private jets.
No new changes to alcohol duty beyond those already announced.
Tobacco duty rates to increase by 2% above inflation, as previously announced. Tobacco duty regime reformed to narrow differential between lower-cost brands and the others.
Vehicle Excise Duty to increase in line with inflation, and frozen for heavy goods vehicles.
New Fair Fuel Stabiliser to be introduced, funded by increasing the supplementary charge on North Sea oil and gas production from 20% to 32% from tomorrow.
Inflation rise in fuel duty planned for next week to be delayed until 2012. Fuel duty escalator that adds 1p to fuel duty on top of inflation each year to be cancelled for the rest of this Parliament.
Fuel duty to be cut by 1p per litre from 6pm tonight.
The Chancellor concluded his statement at 1.29pm.