Budget 2012…condensed

BUDGET-LITE

In what was possibly the most-leaked Budget in history, Osborne today confirmed a number of expected measures, including a cut in the top rate of income tax and moves to avoid the child benefit "cliff edge".

Here is our brief run-down of all of today's key announcements Economy The Office of Budget Responsibility (OBR) has revised upward its forecast for UK growth this year - to 0.8% from 0.7%. Growth next year will be 2%, it said, then 2.7% in 2014 and 3% in the two years after that. Inflation, Osborne said, would 'remain low' at 2.8% in 2012 and 1.9% next year. Borrowing this year will be £126bn - £1bn less than forecast in the autumn. It is then predicted to be £120bn in 2012/13 and £98bn in 2013/14. Forecast to fall to £21bn by 2016/17. Income tax Just to confirm what the wo...