Chancellor George Osborne has delivered the first Conservative budget since 1996, with a focus on reducing deficit and bringing down the the welfare bill.

Here is a summary of the major announcements.

Personal income and taxation

• Introduction of a national minimum wage for workers aged over 25, with a rate starting at £7.20 an hour in April 2016 and rising to £9 by 2020.
• Personal allowance to rise to £11,000 in 2016.
• 40p top rate tax bracket to rise from £42,385 to £43,000 next year.
• Inheritance tax threshold increase to £1m from 2017.
• Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax.

Welfare and pensions

• Annual household benefit cap will be reduced to £20,000 (£23,000 in London).
• Income threshold for tax credits reduced from £6,420 to £3,850.
• Working-age benefits to be frozen for four years.
• Universal Credit and ta credits to be restricted to two children from 2017.
• Rents in social housing sector to be reduced by 1% a year until 2019.
• Social housing subsidies to be phased out for people who earn more than £30,000 (£40,000 in London).
• “Earn to learn” obligation for young people (18-21 year olds) to claim housing benefits.
• State pension “triple lock” protected.
• Tax-free contribution to pensions reduced for individuals with incomes over £150,000.
• TV licenses for the over-75s will be funded by the BBC by 2021.

Economy

• Economy grew 3% in 2014.
• 2015 growth forecast lowered 0.1% from March estimate to 2.4%.

Public finances/borrowing

• Borrowing set to fall from £69.5bn this year to £43.1bn, £24.3bn and £6bn before reaching a £10bn surplus in 2019-20.
• Deficit to continue to be cut at same rate as during last parliament.
• Budget surplus secured by 2019/20, a year later than previously predicted.
• Debt as a share of GDP to fall from 80.3% this year to 79.1%, 77.2%, 74.7%, 71.5% and 68.5% over the current parliament.
• 1% public sector pay rise to continue for next four years.
• £37bn of further spending cuts by 2020, including £12bn of welfare cuts and £5bn from tax avoidance.

Business

• Corporation tax to be cut to 19% in 2017 and then 18% in 2020.
• Permanent “non-dom status” to be abolished by 2017.
• HMRC budget to be increased by £750m to clamp down on tax avoidance and raise and extra £7.2bn.
• Bank levy to be gradually phased out over next six years.
• New 8% bank profit surcharge to be introduced from 2016.
• National Insurance employment allowance for small businesses to increase 50% to £3,000 from 2016.
• £5,000 tax free dividend allowance to replace current dividend tax credit, with divident tax brackets to be set at 7.5%, 32.5%, and 38.1%.
• Consultation on relaxing Sunday trading laws.

Health and education

• NHS to received £8bn in further funding.
• Student maintenance grants to be replaced by loans from 2016-17, to be paid back once the individual starts to earn more than £21,000.

Housing and transport

• North of England to receive £30m in funding for new body tasked with promoting an integrated transport system, including the introduction of Oyster cards, based on the Transport for London (TfL) model.
• Rent-a-room relief scheme to rise to £7,500.

Military/defence

• Commitment to meet Nato target of 2% of GDP to be spent on defence every year.
• Defence spending to rise 0.5% above inflation every year during current parliament.
• New £1.5bn Joint Security Fund for investment in military and intelligence agencies.

Motoring and fuel

• No rise in fuel duty.
• Reform of vehicle excise duties to pay for new road building and maintenance fund in England.
• Three new VED bands to be introduced in 2017, with the rates determined by the CO2 output of the vehicles.