In what was possibly the most-leaked Budget in history, Osborne today confirmed a number of expected measures, including a cut in the top rate of income tax and moves to avoid the child benefit "cliff edge".
Here is our brief run-down of all of today's key announcements
The Office of Budget Responsibility (OBR) has revised upward its forecast for UK growth this year - to 0.8% from 0.7%. Growth next year will be 2%, it said, then 2.7% in 2014 and 3% in the two years after that.
Inflation, Osborne said, would 'remain low' at 2.8% in 2012 and 1.9% next year.
A quick run-down of the key measures in Budget 2012
Borrowing this year will be £126bn - £1bn less than forecast in the autumn. It is then predicted to be £120bn in 2012/13 and £98bn in 2013/14. Forecast to fall to £21bn by 2016/17.
Just to confirm what the world and his wife already knew, Osborne sais the top rate of income tax will be reduced from 50p to 45p from April next year.
The point at which people start paying income tax - the personal allowance - will be increased to £9,205, also from April next year.
Corporation tax will be reduced by 1% (from 25% to 24%) from next month. It will then be reduced by a further 1% next year and the following year, meaning it will be at 22% by 2014.
There will be a simplified tax system for small firms with a turnover of up to £77,000.
The controversial child benefit cuts announced at the last budget have been modified, and will only be withdrawn from those earning more than £50k per year, and this will be "gradual". Only earners of £60k per annum or more will see the complete removal of child benefit.
The government will examine linking the state pensions age (SPA) to life expectancy.
There will also be the introduction of a new single-tier state pension to be set above the means test at a minimum of £140 a week. This will take effect from April next year and more details will be released in the spring.
'Robin Hood' Budget
After reducing the top rate of income tax, the government was under pressure (particularly from the Liberal Democrats) to ensure the rich contributed fairly to the state.
So Osborne announced the following measures...
There will be a new cap on tax reliefs set at 25% of total income for anyone claiming more than £50,000 in a year.
Meanwhile, in a nod to the Liberal Democrat idea of a ‘mansion tax', Osborne proposed a new 7% stamp duty on properties worth more than £2m, to come into effect from midnight tonight.
He also detailed plans to clamp down on stamp duty avoidance by using companies to buy expensive properties.
The headline measure will be a 15% stamp duty rate on properties worth over £2m "within corporate envelopes".
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