Firstly, some the headline items from yesterday’s budget.
With effect from April 2013, the 50p top rate of tax will be cut to 45p.
The personal income tax allowance will be raised to £9,205 from April 2013. This is a move that the government says will make 24 million people £220 a year better off. However, 300,000 more people will be drawn into paying higher rate tax - 40% tax band - from 2013/14 as the threshold is to be reduced from £42,475 to £41,450.
The Office for Budget Responsibility (OBR) has revised the UK growth forecast for 2012 to 0.8% - from 0.7% - a very small change but in the right direction and hopefully will dispel some of the rumours about a double dip recession.
The growth forecast for 2013 is 2%, for 2014 2.7%, and in each of the two years after that 3%.
Inflation in the UK is forecast to fall from 2.8% this year to 1.9% next year.
There are no changes to the current Capital Gains and Inheritance Tax thresholds, although there is a reduction to 36%, on the top rate of Inheritance Tax payable for estates which leave 10% of their value to charity.
Click here to read our budget summary in full on our website.