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| Key points of Budget 2014: At-a-glance | Key points of Budget 2014: At-a-glance |
| (35 minutes later) | |
| Here are the key points of Chancellor George Osborne's Budget, updated as the speech is delivered from 12:30 GMT | Here are the key points of Chancellor George Osborne's Budget, updated as the speech is delivered from 12:30 GMT |
| State of the economy | State of the economy |
| GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018 | |
| Coinage | |
| Twelve-sided £1 coin to be introduced in 2017 | |
| Taxation | Taxation |
| Inheritance tax waived for members of emergency services who give their lives in job | |
| Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000 | |
| All long-haul flights to carry lower rate of air duty currently charged on flights to US | |
| Welfare cap | |
| Budget to be capped at £119bn for 2015-16 | |
| Inflation | Inflation |
| Public borrowing/deficit | |
| Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19 | |
| Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19 | |
| A new charter for budget responsibility to be brought in this autumn | |
| Promises to make permanent £1bn reduction in government department overspends | |
| Business | Business |
| Lending for exporters doubled to £3bn and interest rates on that lending cut by a third | |
| Business rate discounts and enhanced capital allowances in enterprise zones extended for three years | |
| Fuel, Alcohol and Tobacco | |
| Housing/infrastructure | |
| Help to Buy scheme extended to 2020 | |
| Support for building of more than 200,000 new homes | |
| £270m guarantee for Mersey Gateway bridge | |
| Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4 | |
| £140m extra for flood defence repairs and maintenance | |
| £200m made available to fix potholes |