BUDGET AT A GLANCE

TAX RISES

■ More than 2million will pay higher rates of income tax as thresholds are frozen until 2026

■ Tax-free personal allowance frozen at £12,570 and higher rate threshold at £50,270

■ Pension lifetime tax allowance, and inheritance tax and capital gains tax thresholds also frozen

■ Corporation tax on company profits raised from 19 per cent to 25 per cent from 2023 – first rise since 1974

■ Rate kept at 19 per cent for 1.5million smaller companies with profits of less than £50,000

■ But under a ‘super deduction’ scheme, firms can reduce taxable income by 130 per cent ■ Tax levels will be the highest since the 1960s

COVID SUPPORT EXTENDED

■ Business rates holiday to continue until June with 75 per cent discount after that

■ £5billion restart grant scheme for shops forced to close

■ VAT cut for hospitality and tourism extended to the end of September

■ Stamp duty holiday continued until June and rate slashed until the end of September

■ New 95% mortgage guarantee scheme to help first time buyers

■ Furlough scheme – under which the Government pays 80 per cent of wages – extended until the end of September

■ Support for self-employed also extended, with access widened

■ £20 weekly rise in Universal Credit will remain in place. Working Tax Credit claimants to get an extra £500

THE ECONOMY

■ Economy back to pre-Covid levels by mid-2022, with growth of 7.3 per cent next year

■ Unemployment forecast to peak at 6.5 per cent next year – lower than the previously predicted 11.9 per cent

■ The total bill for Covid support will reach £407billion

■ UK to borrow a peacetime record of £355billion this year, and £234billion next

THE OTHER ANNOUNCEMENTS

■ Eight ‘freeports’ across England with low tax and regulation

■ £1billion to fund improvements in 45 town centres ■ Alcohol duty and fuel duty frozen

■ New Treasury campus in Darlington and green investment bank in Leeds ■ Contactless payment limit increased to £100