George Osborne is delivering his third budget since the coalition took power in 2010.
Below is a list of the Chancellor's key statements. Click here for full coverage of the budget including our live blog.
- The 50p tax will be scrapped, after the government found it raised just a third of the money predicted it would raise. The top rate of tax will be 45p from April 2013.
- Sunday trading laws will be relaxed for eight weeks during the Olympics starting on July 22
- There will be a single tier pension for new pensioners and state pension will rise by £5.30 per week - but pensioners' personal allowance will be frozen, so they will lose in real terms as inflation erodes pension
- The government will consider regional pay rates
- Personal tax statement will explain how taxation is spent
- Fair fuel stabiliser means above-inflation rises in fuel duty will return only if price of oil falls below £45 a barrel
- Cost of operations in Afghanistan to be £2.4 billion less than expected. Extra £100 million to be spent on armed forces accommodation
- Unemployment expected to peak at 8.7% this year
- From next April people can earn £9,205 before they have to pay any tax
- There will be no changes to fuel duty plans
- Changes to child benefit plans - it will only be withdrawn if someone has an income of over £50,000 and will be gradual, removing the cliff edge
- The Stamp Duty Land Tax charge on residential properties held in corporate envelopes over £2m will be increased to 15% and will take place on Wednesday
- Corporation tax will be 22% by 2014, it will be 24% from next month
- £3bn field allowance for north sea development