Osborne’s previous budget highlights:
2010: THE EMERGENCY BUDGET
The chancellor announced a range of deep cuts and freezes, including a two-year public sector pay freeze, housing benefit cap and a VAT increase to 20 per cent. The bank levy was introduced and corporation tax cut from 28 per cent to 24 per cent.
2011: THINGS ARE LOOKING TRICKY
In the 2011 Budget George Osborne increased the personal allowance and cut corporation tax again. He also launched a review into the 50p rate of tax. Later that year he capped rail fare increases and announced additional government borrowing would be needed.
2012: THE OMNISHAMBLES BUDGET
Who could forget the pasty and caravan taxes? This was a bad week for Osborne who had to row back on a number of key pledges. The 50p tax rate was cut to 45p, personal allowance increased again and departmental budget cuts were revealed.
2013: TINKERING AROUND THE EDGES
Continuing with his cuts to corporation tax Osborne announced a new low of 20 per cent for 2015 and scrapped planned fuel and beer duty rises. In the Autumn Statement that year the welfare cap was announced and rail fare rises were curbed.
2014: THE PENSIONS REVOLUTION
In perhaps his biggest overhaul of any financial statement so far, the chancellor unveiled sweeping changes to the pensions sector including annuity reforms. The ISA limit increased and a new garden city was announced in Ebbsfleet.