Key points of Budget 2014: At-a-glance

Taxation
Point at which people start paying income tax will be raised to £10,500
Bingo duty will be halved to 10%
Threshold for 40p income tax to rise from £41,450 to £41,865 next month and by a further 1% to £42,285 next year
Inheritance tax waived for members of emergency services who give their lives in job
Tax on homes owned through a company to be extended from residential properties worth more than £2m to those worth more than £500,000
All long-haul flights to carry lower rate of air duty currently charged on flights to US

Savings
Cash and shares Isas to be merged into single New Isa with annual tax-free savings limit of £15,000 from 1 July
The 10p tax rate for savers abolished
Cap on Premium Bonds to be lifted from £30,000 to £40,000 in June and £50,000 next year

Pensions
All tax restrictions on pensioners’ access to their pension pots to be removed, ending the requirement to buy an annuity
Taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate, down from 55%
Increase in total pension savings people can take as a lump sum to £30,000
New Pensioner Bond, paying “market-leading” rates, available from January to over-65s, with possible rates of 2.8% for one-year bond and 4% for three-year bond
Fuel duty rise planned for September will not happen
Beer duty cut by 1p a pint
Duty on ordinary cider frozen
Tobacco duty to rise by 2% above inflation and this escalator to be extended beyond the next general election

State of the economy
GDP forecast to grow by 2.7% this year and 2.3% next year, then by 2.6% in 2016 and 2017 and by 2.5% in 2018
Deficit forecast to be 6.6% of GDP this year, 5.5% in 2014-15 then falling to 0.8% by 2017-18 with a surplus of 0.2% in 2018-19
Borrowing forecast to be £108bn this year and £95bn next year, leading to a surplus of almost £5bn in 2018-19
A new charter for budget responsibility to be brought in this autumn
Promises to make permanent £1bn reduction in government department overspends

Business
Lending for exporters doubled to £3bn and interest rates on that lending cut by a third
Business rate discounts and enhanced capital allowances in enterprise zones extended for three years
Housing/infrastructure
Help to Buy equity loan scheme extended to 2020
Support for building of more than 200,000 new homes
£270m guarantee for Mersey Gateway bridge
Legislation to give Welsh government tax and borrowing powers to fund infrastructure needs, including improvements to M4