Budget 2015 at a glance

Growth

In 2015 revised up to 2.5% from 2.4% in the autumn statement.

The economy is forecast to grow 2.3% next year before reaching 2.4% in 2019.

Inflation

Forecast at 0.2% this year and the next three years. Bank of England’s monetary policy committee mandate remains at 2%.

Banks

A total of £5.3bn of extra taxes to come from the banking sector over five years as banks are stopped claiming relief on compensation claims and the bank levy - intended to bring in £2.9bn of revenue a year - to be increased to 0.21% to bring in extra £900m.

£13bn of mortgage loans still owned by the government from Northern Rock and Bradford & Bingley to be sold.

Another £9bn of Lloyds Banking Group shares to be sold this year - to be used to sell down the national debt.

Debt

As a proportion of GDP, 80.4% in 2014/5, 80.2% in 2015/6 to reach 71.6% in 2019/20.

Borrowing

£150bn at the start of this parliament. To be £90.2bn this year, £1bn lower than in the autumn statement.

Surplus to reach £5bn. At the autumn statement the surplus was projected to be £23bn in 2019/20.

Pensions

Lifetime allowance cut from £1.25m to £1m and index-linked from 2018.

Tax avoidance

To raise £3.1bn over five years.

Diverted profits tax to be introduced into legislation.

North Sea

To receive an extra £1.3bn through a number of measures, including cutting the petroleum revenue tax to 35% from 50% and cutting the supplementary charge to 20% from 30%, back-dated to January

Osborne offers tax cuts and help-to-buy Isas in highly political 2015 budget

Abolish annual tax return.

Abolish national insurance contribution for the self employed.

Alcohol

1p off a pint of beer.

2% cut in cider duty and whiskey duty.

Wine duty frozen.

Petrol

Fuel duty frozen.

Personal tax

Allowance raised to £10,800 (from £10,600) and to £11,000 the following year.

Higher rate threshold raised above inflation rate to £43,300

Savings

A personal allowance of £1,000, or £500 for higher rate tax payers (over £42,701), on interest received on savings.

ISA freedom: £15,240 tax free allowance remains even if cash withdrawn.

First time buyer ISA: £200 saved, government puts in £50.

Local councils

Greater Manchester to keep 100% of the additional growth in local business rates.

Original article found on The Guardian website Wednesday 18 March 2015 13.14 GMT

Jill Treanor and Rowena Mason