Everything revealed in the Budget
Apparently this a budget for makers, doers, and savers. But enough of the buzzwords, onto the substance.
Growth
The UK grew by three times as much as the OBR predicted at the budget last year.
Now the OBR has revised its growth forecasts up. 2014 should see growth of 2.7 per cent, up from the 2.4 per cent forecast at the Autumn Statement.
2015: 2.3 per cent
2016: 2.6 per cent
2017: 2.6 per cent
2018: 2.5 per cent
So the economy should be £16bn larger than was forecast 12 months ago. The 2014 upward revision to growth is the biggest between budgets for at least 30 years, say Osborne. 2017 and 2018 forecasts have been bumped down a notch, however.
OBR growth forecasts are below the Bank of England's predictions, but pretty much match the external economists from the City, surveyed by HMT.
Deficit and debt
Down by a third since the Tories came in says Osborne, and in the coming year should fall by a half. The OBR has revised down the underlying deficit for every year of its forecast.
2014: 6.6 per cent
2015: 5.5 per cent
2016: 4.2 per cent
2017: 2.4 per cent
"In 2018-19, they [the OBR] are forecasting no deficit at all – instead, at plus 0.2 per cent, a small surplus," says Osborne.
UK government debt is now set to peak at 78.7 per cent of GDP, says the OBR.
Jobs and wages
The OBR is also predicting real wage growth in 2014 says Osborne – earnings will grow faster than inflation. It also sees unemployment falling to just over five per cent.
The Apprenticeship Grant for Employers will be expanded to 2015-16, providing an extra 100,000 placements for young people according to Treasury figures. There will be degree level apprenticeships also.
Pensions and savings
Osborne will seek to increase the simplicity and generosity of ISAs, with cash and stocks ISAs merged. The annual limit for ISAs has now been increased to £15,000. The 10 per cent savings rate has been abolished.
Savers will no longer need to buy an annuity for a pension. John Overs, partner at Berwin Leighton Paisner, says that the changes are good news for the financial services industry.
"Retirees will now be presented with a greater choice of products from the industry, so while companies will earn less from annuities, they will see an uplift from the sale of other products," says Overs.
"This will be a mutually beneficial situation for companies and individuals, leading to greater diversity and competition within financial services."
Personal taxation
The tax free allowance will rise to £10,500 next year. The higher rate threshold will be going up to £41,865 also.
Osborne says that earning up to £100,000 will be paying less tax as a result of this budget. Married couples' allowance will rise in line with the basic rate allowance.
Tax avoidance
HMRC's budget to tackle non-compliance is being increased says Osborne, and transfers of profits between companies within groups to avoid tax will be blocked.
Anyone purchasing residential property worth more than £500,000 via corporate envelope will face 15 per cent stamp duty from tonight.
Richard Rose, tax partner at BDO, says that is "the death nell [that] has just been announced for those owning a residential property via a company”.
Welfare
A £119bn cap on welfare has been announced for 2015/16. That will rise £127bn in 2018/19, in line with forecasted inflation, Osborne says.
That cap will be put to a Parliament vote next week.
Housing
Osborne says that housebuilding is up by 23 per cent, but that's not enough.
The controversial equity loan scheme Help to Buy is to be extended to 2020 for new homes. The Treasury expects this to support 120,000 more homebuyers.
Think tank the Adam Smith Institute has called on Osborne to wind down the scheme, in order to reduce house prices in London and the South East.
Osborne has announced a plan to boost existing building projects at Ebbsfleet, Kent. The new garden city, the first in 100 years, will boast 15,000 new homes.
Businesses
99.8 per cent of businesses will get a 100 per cent investment allowance, says Osborne. The tax allowance for business investment will be doubled to £500,000.
High street stores are to get £1,000 off their rates. There will be a 20 per cent tax relief for film production and regional theatre.
Energy
Carbon taxes are to be capped, with a carbon price floor intended to save consumers £15 a year, on top of the £50 a year deal previously announced.
There will be a £7bn package to cut businesses' energy costs, which the Federation of Small Businesses says will "help create jobs and strengthen" manufacturing. Half of the firms that will benefit are in the North of England, a third in Scotland.
Vice taxes
Scottish whisky duties will be frozen, and cider makers in the West country will see the duty on their drinks frozen too.
Beer duty will be cut by 1p, and fuel duty will be frozen.
Duties on bingo will be halved, from 20 per cent to 10 per cent to "protect jobs" says Osborne. That takes the tax below the 15 per cent levied on other forms of gambling.
In January, the Bingo Association said that taxes on the game were excessive, and contribued to the rapid decline of bingo clubs. The number of halls has fallen by a third since 2005.
Exports
The lending available to exporters is to do double to £3bn.
Travel
Air Passenger Duty is to face reform. As of next year, all long haul flights will carry the same tax rate as flights to the US.
Virgin Atlantic says that it's a "very welcome simplification to remove some of the biggest distortions of the current system, which the chancellor himself admitted is crazy and unjust."
Osborne will also increase charges on private jets, introduced under this government.
Science and research
Osborne will announce plans to spend £222m on specialist science and research centres over the next five years. There will also be new PhD training centres.
There's more for funding for graphene too.
Tax-free childcare extended
An extension to a tax-free childcare scheme will see £2,000 per child per year from the Treasury.
Flood assistance
Those affected by the floods this winter will receive an extra £140m for maintenance works.
Facelift for the pound
Osborne will announce plans to give the £1 coin a facelift in his Budget today. This will see a new two-coloured 12-sided coin introduced in 2017 after a consultation.
Former Bank of England staffer Tony Yates asks whether the coin will flip fairly. If not, he points out that "teaching probability will be a pain".
Miscellaneous
There will be £20m to support cathedral repairs from the Treasury, and those who die in the emergency services will no longer suffer Inheritance Tax.
Proceeds from Libor fines will go to Search and Rescue, the Lifeboat service, and the Scout and Guides. There's also £200m to fill in potholes.