Budget 2011: The key stories

Having opened by slashing the UK growth forecast - a move that prompted rises in gilts but a fall in Sterling - Osborne confirmed he would not scrap the 50% higher rate income tax implemented by Labour, although he said he still viewed the rate as a 'temporary measure'. Corporation tax will be cut by 2% from April and a further 1% for each of the next three tax years, bringing ti down to 23%. Inheritance tax will be reduced by 10% for any estate that gifts 10% to charity. The expected merger of Income tax and National Insurance was included, but Osborne will take consultation and p...