Chancellor George Osborne has delivered his 2015 Autumn Statement.
Key points:
Compared to his first Autumn Statement four years ago, the Chancellor said there was now higher growth, lower unemployment, falling inflation and a deficit half what the Government inherited
"Our economic plan is working," he said. "Britain back living within its means."
But admited the deficit was "too high".
He added: "Today we back aspiration"
The UK economy was on course to grow by 3% this year and forecast to grow by 2.4% next year, while unemployment would be 5.4% next year.
Some 1,000 jobs had been created every day since the Government came into power, he said, and manufacturing was growing faster than any other sector.
He said the deficit was falling, not rising as Labour claimed, and the economy would be back in surplus by by 2018-19.
The economy had grown by more than 8% over this Parliament – but Britain was not immune to pressures in global economy, particularly in its main trading markets such as the eurozone.
Fuel duty is to be frozen.
£45m fund to boost exports to fast-growing markets such as Asia, Africa and South America
£1bn to be raised over next five years by introduction of so-called 'Google tax' to stop firms off-shoring tax
National Insurance on young apprentices abolished
Funding for lending scheme extended and targeted at small firms
Business rates retail relief up from £1,000 to £1,500 from next year
Air passenger duty abolished for children under 12 and scrapped for children under 16 next year.
R&D tax credits increased to 230% for small firms
Inquiry into reform of business rates
Stamp duty will be cut for 98% of all homebuyers from midnight tonight
Tax relief to be extended to Children’s TV and orchestras
"Britain is on course for a truly national recovery," concluded Chancellor.
The Chancellor spoke for 50 minutes.
