The economy
• Growth forecast cut from 2.1 per cent to 1.7 per cent for 2011, and from 2.6 to 2.5 per cent for 2012
• Inflation expected to remain between 4 and 5 per cent
Business taxes and regulation
• Corporation tax to be cut by 2 per cent in stead 1 per cent from next month
• Consultation to start on merging income tax and National Insurance
• 43 complex business tax reliefs to be scrapped, and £350m of red tape to be scrapped
• No new regulations for firms with fewer than 10 staff for the next three years
• 15 per cent increase in the availability of credit for small businesses
• Business rate relief holiday extended for an extra year
• Small firm R&D tax credit to be increased to 200 per cent this year and 225 per cent next year
Fuel and Transport
• 1p reduction in fuel duty from 6pm today
• Fair fuel stabiliser introduced to be funded £2bn tax raid on oil industry
• 4p Fuel duty escalator delayed for a year, then scrapped
• Commitment to the re-doubling of the Swindon to Kemble rail line
• Freeze on excise duty on larger vehicles
• £100m for repairing potholes
Skills
• Funding for 40,000 more apprenticeships for young people, taking the total to 250,000
• Funding for 24 university technical colleges
Enterprise
• Creation of 24 Enterprise Zones throughout the UK
• Planning system to be reformed and simplified to encourage growth and job creation
• Improvement in Intellectual Property regime to boost the creative sector
• Measures to help exporters
Environment
• Commitment put Britain at forefront of low-carbon intiatives
• Green Investment Bank to have access £3bn in funds
Personal taxation and duties
• No personal income tax increases
• Further £630 increase in personal tax allowance to £8,015 in April 2012
• Tougher measures to clamp down on tax avoidance
• No change in alcohol duties
• Tobacco duty up by 2 per cent above inflation
• Air passenger duty extended to private jets and to be reviewed
Housing
• Government-backed shared equity scheme for first time buyers
