Budget 2012

The newest Treasury minister Chloe Smith is the star of a new online government video giving a behind-the-scenes guide to the process behind the Budget. Ms Smith has been the Conservative MP for Norwich North since a by-election in 2009.

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• Norwich
• Chloe Smith

• Top rate of income tax reduced to 45p from April 2013
• Child benefit will only be withdrawn from higher rate tax-payers if someone in the household has an income of more than £50,000. To avoid a "cliff-edge" effect, child benefit will be withdrawn at 1% for every extra £100 earned over £50,000.

• An additional 750,000 families will keep some or all of their child benefit and only those earning £60,000 or more will lose all of it
• Tax-free personal allowance to rise by £1,100 from April 2013 to £9,205, making 24 million people £220 a year better off

• This change will lift an additional 75,000 people in the East of England out of income tax

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• No change to duty rates on alcohol
• Duty on all tabacco products to rise by 5% above inflation from 6pm on Wednesday - the equivalent of 37p on a packet of cigarettes
• Fair fuel stabiliser will mean that above inflation rises in fuel duty will only return if price of oil falls below £45 a barrel.

• No further changes to existing plans for fuel duty
• Vehicle excise duty to rise by inflation, but frozen for road hauliers

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• Extra £100 million of improvements to armed forces accommodation, funded by £2.4 billion savings from ending combat operations in Afghanistan.
• Forces serving overseas to receive 100% relief on average council tax bill, and families welfare grant will be doubled.

• The UK must "confront" the lack of airport capacity in the south east, said Mr Osborne. Announcements later this summer.
• Sunday trading laws to be relaxed for eight weeks around Olympics, starting on July 22.

• "Major package of tax changes" to boost oil and gas extraction in North Sea
  
• Funding for ultra-fast broadband and wi-fi in ten of the UK largest cities and 30 smaller cities.
  
• £100 million of support for new university science research facilities
  

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