UK ECONOMY

Growth:
2011 growth forecast downgraded from 2.1% to 1.7%
2012 forecast down from 2.6% to 2.5%
Inflation:
2011 4% to 5%
2012 2.5%
Deficit:
2011 borrowing of £146bn (£2.5bn less than expected)
2012 borrowing down to £122bn
2015-16 dropping to £29bn
National debt (% of national income):
2011 60%
2012 71%
2015 69%

INCOME TAX

No personal tax increases and personal tax allowance to rise to £8,015 in April 2012, 50% top rate of tax will remain but is to be reviewed

HOUSING

Shared equity scheme to assist 10,000 first-time buyers

CIGARETTES AND ALCOHOL

Tobacco duty rates up by 2% above inflation and wine and beer hit by 2% above inflation rise in excise duties.

EMPLOYMENT

Funding for 12 further university technical colleges, 40,000 additional apprenticeships and 100,000 new work experience placements

OTHER EXCITEMENT

Council tax to be frozen or reduced this year in every English council
10% inheritance tax discount for those leaving 10% to charity
Private jetsetters to pay passenger duty for first time but for everyone else the rise in air duty will be frozen for 2011
Tax avoidance clampdown to raise £1bn this year
£50,000 levy on non-doms

BRITAIN’S FUEL TANK

Fuel duty to be cut by 1p per litre with April’s rise delayed until 2012 – North Sea oil firms will pick up the tab with a supplementary tax rise from 20% to 32%

Carry on motoring.