2011 Budget at a glance

Chancellor George Osborne delivered his 2011 Budget statement today. Here are its major points:





Annual growth forecast revised down from 2.1% to 1.7% in 2012.



Inflation expected to remain at 4-5% this year, 2.5% next year and 2% the following year.



Libya military action to be financed entirely by Treasury and Treasury reserve.



Borrowing forecast to fall from £146 billion this year to £29 billion in 2015/16.



HOMES



£250 million shared equity scheme for first-time home buyers.



ROADS



£100 million to help repair potholes on the roads.



ENTERPRISE AND SCIENCE



21 new enterprise zones to be created.



£100 million extra to be invested in new science centres.



ENVIRONMENT



Green Deal to reduce energy bills from next year.



The UK to become the first country in the world to introduce a carbon price floor for the power sector.



New "green investment bank" to have access to £3 billion of funds.



EDUCATION AND JOBS



24 university technical colleges to be founded.



Extra 40,000 apprenticeships for jobless young people in England.



PENSIONS



Hutton recommendations on public sector pensions accepted.



Single-tier flat-rate state pension to be created, expected to be about £140-a-week.



CHARITY



Gift aid administration to be simplified, especially for small donations.



TAX AND DUTY



Direct tax to be indexed by CPI from April 2012.



Consultation on merging National Insurance and income tax.



From April, corporation tax will be reduced by 2%, and by 1% in each of the following three years, to bring it to 23%.



Bank levy rate to be adjusted to offset the cut in corporation tax.



£350 million worth of regulation on businesses to be removed.



Relief for entrepreneur tax doubled to £10 million.



A £50,000 charge for non-doms who have lived in the UK for 12 years.



The 50p tax rate should be a temporary measure - tax receipts to be reviewed.



Taxation of high value property needs reform.



Rate relief holiday for small businesses extended to October 2012.



Inheritance tax discount for charitable donations.



Tax avoidance loopholes to be closed, raising £1 billion.



Personal tax allowance to rise from £7,475 to more than £8,105 in April 2012.



Plans to switch air passenger duty from passengers to planes have been dropped.



Air passenger duty rise postponed for one year. The Government will seek to impose the tax on private jets.



No new changes to rates of alcohol duty.



Tobacco duty changes announced earlier take effect from 6pm today.



Business mileage allowance increased from 40p to 45p.



Fair Fuel Stabiliser introduced, funded by increasing the supplementary charge on North Sea oil and gas production from 20% to 32% from tomorrow.



Petrol price escalator cancelled when oil price is high.



Fuel duty cut by 1p per litre from 6pm today.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
ebooks
ebooksA special investigation by Andy McSmith
2015 General Election
May2015

Poll of Polls

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Ashdown Group: Senior Network Engineer - London - £70,000

£60000 - £70000 per annum + benefits: Ashdown Group: An excellent opportunity ...

Ashdown Group: Senior Systems Administrator - London - £50,000

£40000 - £50000 per annum + benefits: Ashdown Group: Senior Systems Administra...

Recruitment Genius: Communications and External Affairs Assistant

£24000 per annum: Recruitment Genius: A Communications and External Affairs As...

Ashdown Group: Application Support Analyst- (Customer Support) - £29,000

£29000 per annum: Ashdown Group: Application Support Analyst- (Customer Suppor...

Day In a Page

Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee
World War Z author Max Brooks honours WW1's Harlem Hellfighters in new graphic novel

Max Brooks honours Harlem Hellfighters

The author talks about race, legacy and his Will Smith film option to Tim Walker
Why the league system no longer measures up

League system no longer measures up

Jon Coles, former head of standards at the Department of Education, used to be in charge of school performance rankings. He explains how he would reform the system
Valentine's Day cards: 5 best online card shops

Don't leave it to the petrol station: The best online card shops for Valentine's Day

Can't find a card you like on the high street? Try one of these sites for individual, personalised options, whatever your taste
Diego Costa: Devil in blue who upsets defences is a reminder of what Liverpool have lost

Devil in blue Costa is a reminder of what Liverpool have lost

The Reds are desperately missing Luis Suarez, says Ian Herbert
Ashley Giles: 'I'll watch England – but not as a fan'

Ashley Giles: 'I'll watch England – but not as a fan'

Former one-day coach says he will ‘observe’ their World Cup games – but ‘won’t be jumping up and down’
Greece elections: In times like these, the EU has far more dangerous adversaries than Syriza

Greece elections

In times like these, the EU has far more dangerous adversaries than Syriza, says Patrick Cockburn
Holocaust Memorial Day: Nazi victims remembered as spectre of prejudice reappears

Holocaust Memorial Day

Nazi victims remembered as spectre of prejudice reappears over Europe
Fortitude and the Arctic attraction: Our fascination with the last great wilderness

Magnetic north

The Arctic has always exerted a pull, from Greek myth to new thriller Fortitude. Gerard Gilbert considers what's behind our fascination with the last great wilderness