George Osborne has delivered his sixth Budget as chancellor, and the last of the current Parliament. Here is a summary of the key announcements.

State of the economy

UK grew 2.6% in 2014, faster than any other advanced economy but lower than 3% predicted in December
2.5% growth forecast in 2015, up from 2.4% predicted in December, followed by 2.3%, 2.3%, 2.3% and 2.4% in the next four years
Record employment in the UK, with jobless rate to fall to 5.3% this year
Trade deficit figures "the best for 15 years"
Living standards "higher" than in May 2010, according to OBR data, with households better off by an average of £900 in last five years
Inflation projected to fall to 0.2% in 2015

Public borrowing/deficit/spending

Deficit halved since 2010 as a share of national income
Borrowing set to fall from £97.5bn in 2013-14 to £90.2bn in 2014-15, £75.3bn in 2015-6, £39.4bn in 2016-7, £12.8bn in 2017-8 before reaching a £5.2bn surplus in 2018-9
Debt as a share of GDP to fall from 80.4% in 2014 to 80.2% in 2015-16 before falling in every year, reaching 71.6% in 2019-20
Additional £30bn savings needed in next Parliament
Squeeze on public spending to end a year earlier than planned in 2019-2020, with spending in 2019-2020 to grow in line with the growth of the economy
Welfare bills set to be an average of £3bn lower each year than predicted in December, and interest charges on government gilts £35bn lower
£13bn mortgage assets from Northern Rock and Bradford & Bingley to be sold


Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year, saving £600m annually.
Law to be changed to allow pensioners to access their annuities, with 55% tax charge abolished and tax applied at the marginal rate

Alcohol, tobacco and gambling and fuel

Beer duty cut by 1p and cider by 2p.
2% cut in excise duty on scotch whisky and other spirits while wine duty frozen
No changes to tobacco and gambling taxes, with tobacco duties set to rise by 2% above inflation, equivalent to 16p on a packet of 20 cigarettes.
New "horse racing betting right"
Petrol duty frozen - September's planned increase cancelled

Personal taxation

The tax-free personal allowance to rise from £10,600 in 2015-6 to £10,800 in 2016-7 and £11,000 in 2017-8
The threshold at which people start paying 40p income tax to rise by above inflation from £42,385 in 2014-5 to £43,300 in 2017-8
Annual paper tax returns to be abolished
Transferable tax allowance for married couples to rise to £1,100
Review of inheritance tax avoidance through "deeds of variation"


New personal savings allowance - first £1,000 interest on savings income to be tax-free for basic rate taxpayers. £500 allowance for 40p tax ratepayers.
Annual savings limit for ISA increased to £15,240
"Fully flexible" ISA will allow savers to withdraw money and put it back later in the year without losing any of their tax-free allowance
New "Help to Buy" ISA for first-time buyers will allow government to top up by £50 every £200 saved for a deposit

Armed forces

A further £75m from Libor fines to go to charities for regiments which fought in Afghanistan and government to contribute towards permanent memorial to those who died in Afghanistan and Iraq and help renovate Battle of Britain memorials
£25m to support army veterans, including nuclear test veterans


Tax on "diverted profits" to come into effect next month, aimed at multinational firms moving profits "artificially offshore"
Annual bank levy to rise to 0.21%, raising an extra £900m. Banks to be barred from deducting compensation for mis-selling from corporation tax
Supplementary charge on North Sea oil producers to be cut from 30% to 20%while petroleum revenue tax to fall from 50% to 35%
New tax allowance to encourage investment in North Sea
Review of business rates
Automatic gift aid limit for charities to be extended to £8,000
Farmers to be allowed to average incomes for tax purposes over five years
New tax credit for orchestras and consultation on tax relief for local newspapers

£15m church repair roof fund to be trebled
Up to £600m to clear new spectrum bands for auction to improve mobile networks: commitment to deliver ultra-fast broadband to all homes
New powers for Mayor of London over skills and planning
Greater Manchester councils to be allowed to keep 100% of growth in business rates
New inter-city rail franchise for south west of England
Toll for Severn river crossings to be reduced from 2018
Consultation on £1bn "tidal lagoon" in Swansea Bay to generate green energy