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Budget 2016: key details

Posted: March 17, 2016

The Chancellor’s ‘sugar tax’ might have grabbed all the headlines for his 2016 Budget, but did his other measures make sweet reading?

Some of the key Budget measures included:

• Growth forecasts cut for the next five years and £3.5bn in extra public spending cuts by 2020

• Mr Osborne missed his target of cutting debt as a share of GDP

• A 2% increase in tax on cigarettes and 3% on rolling tobacco from 18:00 GMT, but beer and cider duty will be frozen as will the levy on whisky and other spirits

• Plans for a longer school day in England

• The rate at which workers start paying the top rate tax is to be raised from £42,385 to £45,000, with the tax-free personal allowance raised to £11,500 and corporation tax to be cut to 17% by April 2020

• On savings, the ISA limit will be increased to £20,000 a year for all savers, andlifetime ISAs with a 25% bonus will be introduced for young people

• An extra £700m for flood defences – to be paid with a 0.5 percentage point increase on the tax on insurance premiums

• The higher rate of Capital Gains Tax is being cut from 28% to 20%

To read a full summary of all the key points and measures, click here to read