At a glance

* A new compulsory National Living Wage for working people aged 25 and over, starting in April 2016 at £7.20 an hour and reaching £9 an hour by 2020. * Corporation tax to be cut from 20 per cent to 19 per cent in 2017 and 18 per cent by 2020. * Tax-free personal allowance at which 20p income tax rate is payable raised from £10,600 to £11,000 next year. Rates of income tax remain unchanged. * Higher rate 40p income tax threshold to rise from £42,385 to £43,000 from next year. * Rises in public sector pay restricted to one per cent per year for the next four years. * Package of welfare reforms cutting £12billion from the system, including four-year freeze for working-age benefits. * Reduction from £6,420 to £3,850 in income level at which tax credits begin to be cut. * Support for children through tax credits and universal credits to be limited to two children, affecting children born after April 2017. * Benefits cap to be reduced from £26,000 per household to £23,000 in London and £20,000 in the rest of the country. * Social housing tenants earning more than £40,000 in London and £30,000 elsewhere to pay rent at market rates. * Abolition of automatic entitlement to housing benefit for 18 to 21-year-olds. * Rents in the social housing sector to be reduced by 1 per cent a year for the next four years. * Permanent non-dom tax status to be abolished. * Inheritance tax reform to allow estates worth up to £1million to be tax-free if they include a home. * Britain committed to meeting Nato target of spending two per cent of GDP on defence till 2020 * New bands for vehicle excise duty for brand new cars from 2017 - with most cars paying £140 standard charge. No change to VED for existing cars.