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HERE are the key points from today's budget:
Labour's plan to increase the duty on cider by 10% above inflation will be scrapped from the end of this month.
On January 4 next year, the main rate of VAT will rise from 17.5% to 20%.
From April 2011, the threshold at which employers start to pay National Insurance will rise by £21 per week above indexation.
The Government will abolish the health in pregnancy grant from April 2011.
Housing benefit will be reformed with a maximum limit of £400 a week, in a package saving £1.8 billion a year by the end of the Parliament
The The Office for Budget Responsibility (OBR) says unemployment will peak this year at 8.1%, then fall each year to reach 6.1% in 2015.
With the full agreement of the Queen, the Civil List will remain frozen at £7.9 million for the coming year and a new means of support for Her Majesty will be proposed at a later date.
The Government is asking public sector workers to accept a two-year pay freeze, with protection for the 1.7 million public servants earning less than £21,000.
The Government will accelerate the increase in state pension age to 66.
The basic state pension will be linked once more to earnings from April next year, with the pension guaranteed to rise in
line with earnings, prices or 2.5%, whichever is the greater.
Personal income tax allowance to be increased by £1,000 in April to £7,475.
Government will support private broadband investment instead
From next year pensions will rise in line with consumer prices.
Child benefit will be frozen for the next three years.
The total welfare shake-up will save the country £11 billion by 2014/15.
Chancellor George Osborne promised to to balance Britain's books within five years as he used today's emergency Budget to rip into the inheritance left by Labour.
Mr Osborne said his Budget today implies further reductions in departmental spending of £17 billion by 2014/15, with unprotected departments facing an average real cut of around 25% over four
The OBR today forecasts that by 2015/16, we will be spending over £10 billion a year to meet the gap between pension
contributions and payments to the unfunded pensions they support.
OBR forecasts show growth in the UK economy for the coming five years estimated to be 1.2% this year and 2.3% next year; then 2.8% in 2012, followed by 2.9% in 2013; then 2.7% in 2014 and 2015.
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Hard work aimed at improving standards is paying dividends at St Mary's Roman Catholic Primary School in Chepstow. KATH SKELLON paid the school a visit