George Osborne promised a Budget for "makers, doers and savers" to contribute to a "resilient economy."
Here is a look at some of the main points.
- All tax restrictions on pensioners' access to pension pots removed and tax on cash removed on retirement cut from 55% to 20%.
A £20 million fund was announced to develop new free right to advice for those retiring on defined contribution pensions.
- Alcohol duty escalator scrapped.
Duty on spirits and ordinary cider frozen. Beer duty cut by 1p a pint and Duty on fixed-odds betting terminals increased to 25% bingo duty halved to 10%.
- Personal tax allowance to be raised to £10,500 next year; £800 average savings.
- Fuel duty rise planned for September will not take place.
- Welfare cap set at £119 billion for 2015/16, rising to £127 billion by 2018/19, only state pension and cyclical unemployment benefits will be excluded.
- Cash and stocks ISAs to be merged into single New ISA with annual tax-free savings limit of £15,000 from 1st July. The limit for a Junior ISA raised to £4,000.
- Business rate discounts and enhanced capital allowances in enterprise zones extended for three more years.
- New Alan Turing Institute founded to ensure Britain leads the way in big data and algorithm research.