SUPPORT FOR BUSINESS
Corporation tax cut to 24% from next month and to 22% by 2014
Consultation on simplifying the tax system for small firms with a turnover of up to £77,000
Support for £150m of tax increment financing to help councils promote development
Additional £270m for the Growing Places fund
Tax relief for the video games, animation and high-end TV production sectors
Enterprise loans for young people to start their own business being considered
Relaxation of Sunday trading laws on eight Sundays during Olympics and Paralympics, starting July 22
ECONOMY
Growth forecast for UK economy in 2012 revised up from 0.7% to 0.8% by independent Office for Budget Responsibility (OBR)
OBR forecast for 2013 is 2%, 2014 is 2.7%, and 3% in each of the two years after that
Eurozone growth forecast for this year revised down from 0.5% to -0.3%.
UK inflation forecast to fall from 2.8% this year to 1.9% next year
BORROWING
Borrowing this year to be £126bn – £1bn less than forecast in the autumn. Predicted to be £120bn in 2012-13 and £98bn in 2013-14. Forecast to fall to £21bn by 2016-17
Consultation to be held on offering gilts – Government bonds – with maturity terms of more than 50 years
JOBS AND SKILLS
Unemployment to peak this year at 8.7% before falling each year to 6.3% by 2016-17, according to OBR
One million more jobs to be created in the economy over five years, says OBR
TRANSPORT AND INFRASTRUCTURE
Report on the future of aviation in South East to be published in the summer
Funding for superfast broadband and wi-fi in the UK's 10 largest cities
OTHER TAXES AND ALLOWANCES
Bank levy to be increased to 0.105% from January 2013 "to ensure that corporation tax cuts do not benefit the banks". The levy will raise £2.5bn a year.
VAT loopholes and anomalies to be removed including removing exemptions for sports nutrition drinks and hot takeaway products in supermarkets. Existing exemptions will remain for food, children's clothes, books and newspapers
GREEN MEASURES
Government to seek "major savings" in the administrative cost of the Carbon Reduction Commitment, and bring forward an alternative environment tax this autumn if such savings cannot be found
