BUDGET 2010: The main points

Economy contracted six per cent during recession

Predicted growth of 1-1.25 per cent in 2010

BORROWING

Borrowing this year to be 167bn – 11bn lower than expected

Borrowing to fall from 163bn in 2010-11 to 74bn by 2014-15

BUSINESS

2.5bn support for small business to boost skills and innovation

One year business rate cut from October to help 500,000 companies. Investment allowance for small firms doubled to 100,000

BANK LENDING

One-off bank bonus tax has raised 2bn

Basic bank account guaranteed for a million extra people

RBS and Lloyds Bank Group to provide 94bn in small business loans

HOUSING

Stamp duty scrapped for homes below 250,000 for first-time buyers

Stamp duty on residential property sales over 1m to increase to five per cent

TRANSPORT

385m to improve road network, including 100m for pothole repairs

JOBS AND TRAINING

Six-month work or training guarantee for under- 24s extended to 2012

Amount of time over-65s have to work to receive work credits reduced

TAX

50p a month broadband tax

Tax allowances for those earning over 100,000 gradually removed

Inheritance tax threshold frozen for four years

No change to VAT or income tax

GOVERNMENT SAVINGS

On track to achieve 11bn efficiency savings

15,000 civil servants to be relocated

ENVIRONMENT

2bn investment bank for low-carbon industries

EDUCATION

Funding for 20,000 new university places in science and maths

35m enterprise fund to help university-launched businesses

PENSIONS

Winter fuel allowance rates extended

FUEL, ALCOHOL AND TOBACCO

3p fuel duty rise phased in before January 2011

Duty on cider to rise by 10 per cent above inflation. Wine, beer and spirit duty up 2 per cent a year until 2013

Tobacco duty up one per cent this year.