• This is not a tax-raising budget. This is a budget based on sound money.

• This is a budget for making things, not for making things up.

Economy

• Britain has stability, credibility and low interest rates.

• We gambled on a debt-fuelled growth model that failed.

• Unemployment will peak this year.

• The independent OFFICE For BUDGET RESPONSIBILITY (OBR) forecasts growth of 1.7% (down from 2.1%) for 2011, 2.5% next year, 2.9% in 2013, 2.9% in 2014 and 2.8% in 2015 (this compares to OECD forecast of 1.5% for 2011 and 2.0% for 2012).

• OBR forecasts inflation to remain between 4% and 5% for most of this year, dropping to 2.5% next year and 2% in two years' time.

Borrowing

• Borrowing for this year to be £146bn – below the government target. Borrowing will fall to £122bn next year, then £101bn in 2012-13, £70bn in 2013-14, £46bn in 2014-15 and £29bn in 2015-16.

• Public sector net borrowing will decline from its peak of 11.1% of GDP in 2009-10 to 1.5% of GDP in 2015-16; the cyclically-adjusted or "structural" current deficit will be eliminated by 2014-15, with a projected surplus of 0.4% of GDP in that year, rising to 0.8% of GDP in 2015-16.

• Public sector net debt will peak at 70.9% of GDP in 2013-14, before declining to 70.5% of GDP in 2014-15 and 69.1% of GDP in 2015-16.

Tax and duty

• Personal tax allowance to rise from £7,475 to more than £8,105 in April 2012.

• 43 tax reliefs abolished to simplify the system.

• Merging of national contributions and income tax.

• Corporation tax to be reduced by 2% from April, to fall eventually to 23% - the lowest corporation tax among the G7 industrialised countries. Bank levy rate to be adjusted next year to offset the effect of corporation tax reduction on banks.

• A £50,000 charge for non-doms who have lived in the UK for 12 years.

• Rate relief holiday for small businesses extended to October 2012.

• Inheritance tax discount for charitable donations.

• Tax avoidance loopholes to be closed, raising £1bn.

• Charge on non-domiciled taxpayers to increase from £30,000 for those here for seven years to £50,000 for those in the country for 12 years, raising more than £200m.

• No further changes to alcohol and tobacco duties, which will see a 2% rise above inflation. Tobacco duty regime reformed to narrow differential between lower-cost brands and others.

Public sector

Pay rise of £250 for armed forces, prison, NHS, teachers and civil servants earning under £21,000.

Housing

• Reviews launched of the revenue raised by the 50p tax rate and the taxation of very high-value property.

• £250m to help first –time buyers purchase newly built homes.

• Support for mortgage interest scheme extended for a year.

Enterprise

• £350m worth of regulation on businesses to be removed.

• Relief for entrepreneur tax doubled to £10m.

• Entrepreneurs relief scheme to be doubled to £10m from 6 April.

• Small business rate relief holiday extended by one year to October 2012 at a cost of £370m.

• 21 new enterprise zones to be funded, including in Manchester, Birmingham and London. Ten others to be named in the summer.

• Help for manufacturing to include new export credits, a technology and innovation centre and nine new university centres.

• Investment of £100m in new science facilities in Cambridge, Norwich, Harwell and Daresbury, funded from bank levy.

• All planning bodies to prioritise growth. Default answer to development will be "yes".

• Income tax relief on enterprise investment scheme to increase from 20% to 30%.

• Small companies' research and development tax credit to rise to 200% in April and 225% in 2012.

• New funding to double the number of university technical colleges from 12 to at least 24.

• Number of places on a new work experience scheme to increase to 100,000 over two years, rather than 20,000 as previously announced.

• Funding for 40,000 new apprenticeships for young unemployed.

Infrastructure

• Investment of £200m in regional railways.

• £100m to help councils repair potholes.

Environment

• Green Deal to reduce energy bills from next year.

• The UK to become the first country in the world to introduce a carbon price floor for the power sector.

• New "GREEN INVESTMENT BANK ", to start operating next year, will have access to £3bn of funds.

• Climate change levy discount on electricity for those signing up to climate change agreements will rise from 65% to 80% from April 2013.

• Plans to switch air passenger duty (APD) from passengers to planes have been dropped. This year's APD rise is postponed for a year, and the government will seek to impose the tax on private jets.

Giving

• Gift aid administration to be simplified, especially for small donations.

• Inheritance tax discount for charitable donations.

Pensions

• Government to seek automatic mechanism for future increases in state pension age, based on regular reviews of longevity.

• New single tier pension, worth £140 a week. This would not apply to current pensioners.

State Pension Age to rise to 66 by 2020

Fuel duty

• New fair fuel stabiliser to be introduced, funded by increasing the supplementary charge on North Sea oil and gas production from 20% to 32% from tomorrow.

• Fuel duty cut by 1p a litre from 6pm tonight.

• Inflation rise in fuel duty planned for next week to be delayed until 2012. Fuel duty escalator that adds 1p to fuel duty on top of inflation each year to be cancelled for the rest of this parliament.