This is the first Conservative only Budget since 1996 and likely to set out the government’s stall as to their plans for the next 5 years.
To see the latest updates, refresh the page (commences after Prime Minister’s Questions at around 12.30pm).
National Living Wage
From April 2016 the National Living Wage for people 25 and older will be £7.20 with the aim to be £9.00 an hour by 2020. It will be compulsory.
Rents in social housing to be cut by 1% a year for next four years.
The threshold at which tax credits will be withdrawn will be moved down from £6420 to £3850.
This will be limited to two children from 2017.
Rates remain the same but tax free personal allowance will be £11,000 from 2016 whilst the higher rate will be moved up to £43,000.
ESA for new claimants to be cut by £30 a week.
The £26,000 cap will be cut to £20,000 apart from in London where it will be £23,000.
Free childcare for 3/4 year olds of up to 30 hours a week from September 2017.
Corporation tax will be cut to 19% by 2017 and to 18% by 2020.
The Annual Investment Allowance for small and medium sized firms will be raised to £200,000.
The threshold will be increased to £1 million from 2017.
Rent A Room Scheme
Room rental tax relief will be raised to £7,500.
Buy To Let Tax
Mortgage tax relief for buy to let landlords restricted to basic rate.
Sunday Trading Hours
Local councils will have the power to set the hours in their areas.
There will be a new apprenticeship levy on all large firms – firms that offer apprenticeships can “get more back than they put in”.
Student maintenance grants will be replaced by loans from 2016-17.
Fuel duty will remain frozen this year.
From 2017 there will be new VED (Vehicle Excise Duty) bands based on emissions. This will only hit new cars – current vehicles will not be affected. All VED money will go into a roads fund.
Banks will see an 8% surcharge levied on profits from 1st January.
Public Sector Pay
The chancellor says he will continue recent public sector pay awards with a rise of 1% per year for the next four years.
The Chancellor has promised an extra £8bn towards the NHS.
For more details on the key points, go to the gov.co.uk website.