We look at the key facts:
• The economy is expected to grow by just 0.6% this year, not 1.2% as expected. Then growth of 1.8% in 2014 and 2.3% in 2015
• The national debt will hit 85% of GDP and will not start falling until 2017-18 (a year later than expected)
• Employment forecast has gone up by 600,000 for 2013. Some 60,000 fewer people are expected to be claiming benefits
• Deficit has fallen from 11.2% of GDP in 2009-10, to a forecast of 7.4% this year. Osborne says that is a fall of a third
• Borrowing forecast to be £108bn next year, then £97bn in 2014-15, then £87bn the following year
• Government on track to meet its borrowing target a year early, he says
• The 2015-16 spending review will require savings of £11.5bn, not £10bn as originally planned
• Total spending for 2015/16 has been set at £745bn
• The 1% cap on public sector pay will be extended for another yea.
• Stamp duty on shares traded on markets such as AIM abolished
• Financial services: Abolish Schedule 19 tax for asset management industry
• Introducing a Tax-free Childcare scheme so that working families can pay for childcare
• New tax relief for investment into social enterprise
• September's fuel duty rise will be scrapped
• Beer duty cut by 1%
• Personal allowance to be raised to £10,000 by end of Parliament
• First £2000 of employer NI scrapped
Key highlights:
• Considering extensions to Funding for Lending scheme
• The 2% inflation target is being maintained
• A new remit for the Bank of England's monetary policy committee is being published.
• The MPC will be asked to explain the "trade-offs" it is making when deciding to allow inflation to remain over 2%
• Extra £15bn in infrastructure capital spending over next decade.
• Corporation Tax 21% next year reduced to 20% in April 2015
• Bank Levy to increase to 0.142% to cover drop in Corporation Tax
• Flat rate pension to be introduced in 2016
• £3.5bn committed to Help to Buy – a scheme available for anyone looking to get on or move up the housing ladder
• New mortgage guarantee scheme, available to all owners. 'dramatically increase LTV' £130bn of loans from start 2014-17
