VAT is to revert to 17.5 per cent as of 31 December, but no other VAT measures are planned
Employer and employee national insurance contributions to rise by further 0.5 per cent as from April 2011, although the threshold for NI payments is to be increased so that nobody earning less than £20,000 will face extra charges
Employer pension contributions to be included in definition of tax income for pension tax relief purposes but will only affect those earning more than £130,000
As from April 2012, the point at which 40 per cent income tax becomes payable is to be frozen for a year
Increase in small company corporation tax to be deferred, leaving the rate at the 2010 level
One-off 50 per cent levy on bank bonuses over £25,000
Individual inheritance tax threshold held at £325,000 for the next year
New anti-avoidance measures to net £5 billion
New 50p a month levy on landline phones to pay for improved broadband network
Business support
Time to pay scheme, which allows firms to agree extra time for settling tax bills, to be extended for as long as necessary
Enterprise Finance Guarantee scheme also to be extended for a further 12 months, backing an additional £500 million of loans to businesses
A reduced corporation tax to be introduced on income generated by patents in the UK
Strategic Investment Fund given extra £200 million to support hi-tech projects
Empty commercial property relief threshold to be extended
Mortgages
Stamp duty holiday to end on 1 January
Scheme supporting mortgage interest payments for the unemployed to be extended for another six months
Pensions
Basic state pension to rise by 2.5 per cent next April, an increase of 4 per cent when the low rate of inflation is taken into account
Employment
From next month no-one under 24 needs to be unemployed for longer than six months, as opposed to the current 12 months, without receiving training or work
The minimum number of hours those aged 65 need to work in order to be eligible for tax credits is to be cut
Every 16 or 17 year old school leaver to be guaranteed a place in education or training again next September
Special fund to provide financial help for 10,000 undergraduates from poorer backgrounds, enabling them to join internships in industry and the professions
Environment
A further £200 million to go to supporting energy efficiency in 75,000 households
New scrappage scheme to be introduced to help 125,000 households replace inefficient boilers
Changes to be made to the climate change levy, company car tax and fuel benefit charge
Electric cars to be exempt from company car tax for five years
100 per cent first year capital allowance for electric vans
From April, those with home wind turbine or solar panels to receive an average payment of £900 tax-free if they send power back to the national grid
The economy
The economy will contract by 4.75 per cent this year, returning to growth by the fourth quarter
The Chancellor predicted that economy will grow by between 1 per cent and 1.5 per cent next year and by 3.5 per cent in 2011/12
Consumer inflation is set to rise to 3 per cent early next year before falling back to 1.5 per cent by the end of 2010
Government finances
Government borrowing is forecast to reach £178 billion this year and £176 billion in 2010 before falling further to £140 billion in 2011, to £96 billion in 2013 and to £82 billion in 2014
Expressed as a share of GDP, borrowing will stand at 12.6 per cent this year, 12 per cent in 2010, then 9.1 per cent, 7.1 per cent, 5.5 per cent in 2013/14 and 4.4 per cent in 2014/15
The Chancellor predicted that the budget deficit will be halved in four years
Government spending
Spending growth will slow to an average of 0.8 per cent a year between 2011 and 2015
Savings of £5 billion will be made on budgets and programmes such as major IT projects
Government contributions to public service pensions for teachers, councils, NHS and the civil service to be capped by 2012
All public sector pay deals to be capped at 1 per cent for two years as from 2011, though with special recognition for the armed forces
