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| Version 0 | Version 1 |
|---|---|
| Key points of Budget 2015: At-a-glance | Key points of Budget 2015: At-a-glance |
| (35 minutes later) | |
| George Osborne is delivering his sixth Budget as chancellor, and the last of the current Parliament. Details of the key announcements will be updated as he speaks. | George Osborne is delivering his sixth Budget as chancellor, and the last of the current Parliament. Details of the key announcements will be updated as he speaks. |
| State of the economy | State of the economy |
| UK grew 2.6% in 2014, faster than any other advanced economy but lower than 3% predicted in December | UK grew 2.6% in 2014, faster than any other advanced economy but lower than 3% predicted in December |
| 2.5% growth forecast in 2015, up from 2.4% predicted in December, followed by 2.3%, 2.3%, 2.3% and 2.4% in the next four years | 2.5% growth forecast in 2015, up from 2.4% predicted in December, followed by 2.3%, 2.3%, 2.3% and 2.4% in the next four years |
| Record employment in the UK, with jobless rate to fall to 5.3% this year | |
| Trade deficit figures "the best for 15 years" | Trade deficit figures "the best for 15 years" |
| Living standards "higher" than in May 2010, according to OBR data, with households better off by an average of £900 in last five years | |
| Inflation projected to fall to 0.2% in 2015 | |
| Public borrowing/deficit | Public borrowing/deficit |
| Deficit halved since 2010 as a share of national income | Deficit halved since 2010 as a share of national income |
| Borrowing set to fall from £97.5bn in 2013-14 to £90.2bn in 2014-15, £75.3bn in 2015-6, £39.4bn in 2016-7, £12.8bn in 2017-8 before reaching a £5.2bn surplus in 2018-9 | |
| Debt as a share of GDP to fall from 80.4% in 2014 to 80.2% in 2015-16 before falling in every year, reaching 71.6% in 2019-20 | |
| Welfare bills set to be an average of £3bn lower each year than predicted in December, and interest charges on government gilts £35bn lower | |
| £13bn mortgage assets from Northern Rock and Bradford & Bingley to be sold | |
| Pensions/older people | |
| Pension pot lifetime allowance to be reduced from £1.25m to £1m from next year, saving £600m annually. | |
| £25m to support army veterans, including nuclear test veterans | |
| Alcohol, tobacco and gambling | Alcohol, tobacco and gambling |
| Energy and fuel | Energy and fuel |
| Taxation | Taxation |
| Review of inheritance tax avoidance through "deeds of variation" | |
| Savings | Savings |
| Defence | |
| A further £75m from Libor fines to go to charities for regiments which fought in Afghanistan and government to contribute towards permanent memorial to those who died in Afghanistan and Iraq and help renovate Battle of Britain memorials | |
| Business | Business |
| Tax on "diverted profits" to come into effect next month, taxes multinational profits "artificially moved offshore" | |
| Annual bank levy to rise to 0.21%, raising an extra £900m | |
| Adult, youth and apprentice minimum wage rates to rise | |
| Farmers to be allowed to average incomes for tax purposes over five years. | |
| Housing/infrastructure/transport/regions | |
| £15m church repair roof fund to be trebled | |
| New powers for Mayor of London over skills and planning | |
| New rail franchise for south west of England | |
| Toll for Severn river crossings to be scrapped from 2018 |