The Chancellor rose at 3.31pm.
New child tax credit available for families with incomes up to £58,000.
Growth target for 2002 of 2-2.5%; 3-3.5% for 2003 and 2-3.5% for 2004.
Budget surplus this year is £3 billion.
Public sector borrowing requirement (PSBR) is £11 billion.
Research and development tax credit set at 25%.
Small companies tax rate cut from 20p to 19p for tax 2002-3.
Starting rate of 10p corporation tax will be set to zero for small companies (earnings less than £10,000).
Cut in capital gains tax to 10p for most small businesses.
Approval sought for abolishment of stamp duty in low income areas.
Tax incentives for environmentally-friendly enterprises.
Cheaper tax discs for environmentally friendly vehicles. These cuts will be £55 for vans; £30 cars and £35 for motorcycles.
Duty paid by small breweries’ on their own beer will be halved. This equates to 14p off pint from village pubs and small breweries.
Minimum guaranteed income of £237 per week for low income families.
New tax credit for childless couples earning less than £280 per week.
Pension credit for poorest pensioners guaranteeing income of £98.50 per week.
Winter fuel allowance of £200 for pensioners.
Extra support for families of £2.5 billion; tax cut for families with average earnings and children of 20%.
Support for child care will include child-care costs, up to £50 per week.
Child credit, introduced in April 2003, for families on £50,000 or less will be £1,400 per year. Families on £50,000-58,000 will get minimum £800 and maximum £1,400 per year.
Child benefit for first child will be £54.25. It will rise to £92 for two children.
Education marked as a priority for spending this year.
NHS spending in 2002/3 will increase by £1 billion
Freeze on non-pensioner income tax allowance.
2003-2004 employee National Insurance contributions will rise by 1%
Duty frozen on beer, wines and spirits.
Duty frozen on fuel.
Duty on cigarettes to increase with inflation, by 6p per pack.
NHS spending to increase by 7.4% annually on average in real terms for the next 5 years.
The Chancellor sat down at 4.29pm
