Emergency Budget: Osborne's key points

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Structural deficit should be in balance by 2015/16.

Growth predicted to be lower than forecast at 1.2 per cent this year.

Borrowing to fall to 1.1 per cent of GDP by 2015.

Government departmental spending to be cut by 25 per cent.

Two-year pay freeze for the public sector, but £250 pay rise for those earning under £21,000.

State pension age to be accelerated to age 66.

Welfare spending rises to be in line with consumer prices, not retail prices.

Tax credits will be reduced to families earning over £40,000 next year.

Child benefit will be frozen for the next three years.

Maximum limit of £400 a week in Housing Benefit - this will save the country £1.8 billion a year.

Corporation Tax will be cut next year to 27 per cent, and will drop to 24 per cent by 2013.

Bank levy introduced in January 2011 to apply to the balance sheets of UK banks and building societies.

VAT to rise from 17.5 per cent to 20 per cent on January 4 next year.

Alcohol, tobacco and fuel duties to remain unchanged.

Council tax to be frozen for one year from April 2011.

Capital Gains Tax remains at 18 per cent for low and middle-income savers but from midnight taxpayers on higher rates will pay 28.

Personal income tax allowance to be increased by £7,475 in April.

The higher rate income tax threshold will remain frozen to 2013/14, with a long-term objective to increase the personal allowance to £10,000.