Here are seven things we learnt in the Budget:
- George Osborne missed his self-imposed target of not allowing debt to rise as a proportion of GDP this year, but said the Government is still on target to reach a budget surplus by 2019/20.
- Children let out a collective groan as the chancellor revealed that school days are increasing by an hour a day and pupils may have to study maths until the age of 18.
- Celebrity chef turned healthy campaigner Jamie Oliver jubilantly punched the air as a sugar tax on drinks was announced. But not everyone was happy. Tonic water is likely to be taxed, sparking fears that England's favourite tipple the G&T could be under threat, while it prompted shares in Irn-Bru manufacturer A G Barr to fall slightly.
- The Government wants young people to save more, and will pay to incentivise them. From April 2017, under-40s will be able to open lifetime ISAs and save up to £4,000 each year. For every £4 saved in these new ISAs, the Government will add £1.
- All primary and secondary schools in England will be academies by 2020, severing the historic ties between local authorities and education.
- There was much for drinkers to raise a glass to as duty on beer, cider, whisky and other spirits are frozen. Fuel duty will also not go up for the sixth year in a row.
- Osborne pitched the Government as the champion of small businesses as he announced a slew of tax-cutting measures. Around 600,000 small firms will pay no business rates from next April, while a cut in the basic rate of Capital Gains Tax from 18% to 10% was also announced.
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