EMERGENCY BUDGET - DETAILED SUMMARY (23/06/10)

Chancellor George Osborne increased VAT from 17.5% to 20% and cut welfare spending as he moved "decisively" to tackle Britain's record debts.

Unveiling his first Budget to MPs, Mr Osborne said "tough but fair" action on debt was "unavoidable".

Mr Osborne vowed to balance Britain's books within five years, with the bulk of the savings to come from cuts to benefits and public services rather than tax increases.
 
Our full Emergency Budget Report summary, including the "small print" which does not make the headlines, is available to download here
 
Our revised 2010/11 Tax Tables, summarising the new tax rates and allowances, can be downloaded here