George Osborne delivered his eighth Budget in the Commons today.
Here is the Budget at a glance:
-The British economy is growing faster than in any other major advanced country in the world and was "on course for a budget surplus", the Chancellor said
- An additional £3.5 billion of spending cuts will be made by 2019/20
- Corporation tax will be cut to 17% by 2020
- A new sugar tax will be imposed on the drinks industry, which will come into force in two years time
Irn Bru maker's share price tumbles as Chancellor announces soft drinks sugar tax
- Tolls on the Severn Crossings between England and Wales are to be halved by 2018
- There were moves towards greater devolution, with new powers over the criminal justice system given to Greater Manchester and the creation of more elected mayors, while the Greater London Authority is to retain all business rates by April 2017
- All primary and secondary schools in England will be an academy, or be in the process of becoming an academy, by 2020
- The go-ahead was given to HS3 between Manchester and Leeds, the creation of a new four lane M62 motorway between Manchester and Sheffield and an upgrade of the A66 and A69, and Crossrail 2 rail link for Greater London will be commissioned
- An increase of 0.5% in Insurance Premium Tax to raise £700m for flood defences
- Fuel duty is frozen for the sixth year in a row, while duty on beer, cider, whisky and other spirits will also be frozen
- In a boost for savers, from April 2017, the Isa limit will increase to £20,000 a year for everyone, and a new lifetime Isa will be created for under-40s with the Government to boost savings by 25%
- The tax-free personal allowance is being raised to £11,500 with the Chancellor declaring 31 million people will be paying less tax and 1.3 million of the lowest paid taken out of tax altogether
- Capital Gains Tax to be cut from 28% to 20%, with the rate paid by basic rate taxpayers down from 18% to 10%.
Seven things we learnt from the Budget 2016
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