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- Child benefit will only be withdrawn from higher rate tax-payers if someone in the household has an income of more than £50,000. To avoid a "cliff-edge" effect, child benefit will be withdrawn at 1% for every extra £100 earned over £50,000.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