THE BUDGET AT A GLANCE

THE STATE OF THE ECONOMY

• The UK economy is predicted to grow by 1.1% this year, revised down from 1.4% a year ago. The figure could end up being lower, however, as the forecasts do not take into account the impact of coronavirus.

STATE OF THE PUBLIC FINANCES

• Public borrowing will increase by £14.6bn more this year than previously forecast, equivalent to 2.1% of GDP.

• Total additional borrowing of £96.6bn forecast by 2023-2024 to pay for spending commitments.

EMPLOYMENT

• National Insurance contributions threshold will be lifted to £9,500, a tax cut for 31 million workers.

• Average earnings are forecast to grow by 3.3% this year and rise to 3.6% in 2021.

• Unemployment levels expected to remain at record lows.

CORONAVIRUS

• £30bn package to boost the economy and get the country through the outbreak, of that £12bn will be specifically targeted at coronavirus measures, including at least £5bn for the NHS and £7bn for business and workers.

• All those advised to self-isolate will be entitled to statutory sick pay, even if they have not presented with symptoms.

ALCOHOL, TOBACCO AND FUEL

• Beer, cider, spirits and wine duties will be frozen, meaning that a pint of beer is 1p cheaper than it would have been if it had risen with inflation.

• Tobacco duty will continue to rise by inflation plus 2%.

• Fuel duty will be frozen for a tenth year in a row.

TRANSPORT AND INFRASTRUCTURE

• More than £600bn is set to be spent on roads, rail, broadband and housing by the middle of 2025 – benefiting the Scottish Government to the tune of £60bn in Barnett consequentials.

• £5.2bn flood defences over six years in England, resulting in around £520 million in Barnett consequentials.

ENVIRONMENT AND ENERGY

• £800m for two carbon capture and storage clusters, creating 6,000 new jobs in Teesside, Humberside, Merseyside and Scotland.

• A “plastics packaging tax” charging manufacturers and importers £200 per tonne on packaging made of less than 30% of recycled plastic will be introduced in April 2022.

• Climate change levy on electricity will be frozen but increased on gas in 2022.

BUSINESS

• £5bn to be spent on getting gigabit-capable broadband into the hardest-to-reach places.

• An extra £900m for research into nuclear fusion, space and electric vehicles.

• VAT on digital publications, including newspapers, e-books and academic journals to be scrapped from December.