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  1. Tyne Tees

A new "lifetime ISA" will be introduced for people under 40

Mr. Osborne delivering the budget for 2016 Credit: PA

A new "lifetime ISA" will be introduced for people under 40, the Chancellor announced.

From April 2017, people can use them to save up to £4,000 each year until they are 50.

Mr Osborne said that for every £4 people save, the Goverment will give them £1.

The ISA limit will also rise from £15,000 to £20,000.

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Tax-free personal allowance raised to £11,500

The tax-free personal allowance is being raised to £11,500 with the Chancellor declaring 31 million people will be paying less tax and 1.3m of the lowest paid taken out of tax altogether.

Mr Osborne also announced the higher rate threshold will rise from £42,385 to £45,000 from April next year, taking more than half a million people "who should never have been paying the higher rate out of that higher tax band altogether".

  1. National

New sugar levy on the soft drinks industry announced

A new sugar levy on the soft drinks industry will be introduced, the Chancellor said.

It will be introduced in two years time to ensure companies reduce the sugar content of drinks and promote low sugar brands.

He said it was a "perfectly reasonable step" to protect children's health.

"Money from this new [sugar] levy will be used to double the funding we dedicate to sport in every primary school," Mr Osborne said.

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  1. Tyne Tees

New sugar tax to help tackle obesity

The Chancellor has announced there will be a new sugar tax.

It'll be levied on soft drinks in the next two years - so by 2018.

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