The key points of Gordon Brown's ninth Budget.

The chancellor's address to MPs lasted 48 minutes.

• Longest period of sustained growth since records began in 1701.
  
  
• Government will strike the right balance between tax cuts, investment and stability.
  
  
• Will meet two per cent inflation target - expected to be 1.75 per cent this year and two per cent in 2006 and beyond.
  
  
• Domestic investment to grow by six and 6.25 per cent.
  
  
• Exports to rise at more than six per cent this year.
  
  
• Growth for 2004 is "as forecast" at 3.1 per cent.
  
  
• Living standards have risen by three per cent a year since Labour took office in 1997.
  
  
• New rules to encourage Incapacity Benefit claimants into work.
  
  
• Reform of Housing Benefit to help job creation.
  
  
• New targeted intervention to prevent young people facing long term unemployment and becoming persistent offenders.
  
  
• First £2bn of Whitehall efficiency savings achieved ahead of target.
  
  
• The first 7,800 civil service jobs have moved out of London to the regions.
  
  
• Borrowing to stand at £34bn this year, followed by £32bn, £29bn, £27bn, £24bn and £22bn.
  
  
• Current public sector balance is £16bn in debt, with minus £6bn next year. It will then move into surplus by £1bn, £4bn, £9bn and £12bn.
  
  
• Debt as a proportion of national income will be 2.6 per cent this year, followed by 2.2, 2.1, 1.6 and 1.5 per cent.
  
  
• Borrowing meets Maastricht criteria.
  
  
• No new euro assessment in this Budget.
  
  
• Government will meet golden rule in this economic cycle with a £6bn margin and on track to meet it in the next cycle.
  
  
• Extra £400m for defence this year.
  
  
• Setting new requirement for departments to detail year-by-year reductions in red tape on business.
  
  
• New rules to prevent "gold-plating" of EU regulations.
  
  
• £300m to be made available over three years for local regeneration.
  
  
• A £150m national community service for young people to be set up, aiming to recruit one million volunteers.
  
  
• Corporation Tax, Capital Gains Tax, air passenger duty, insurance premium tax and company car tax all to be frozen.
  
  
• A pint of beer to go up by one pence, wine by four pence a litre.
  
  
• Duty on spirits, cider and sparkling wine will be frozen.
  
  
• Cigarettes will rise by seven pence a packet in line with inflation.
  
  
• Inflation increase on fuel duty to be deferred until September.
  
  
• New stamp duty of threshold to £120,000.
  
  
• Inheritance tax starting point raised to £275,000 from April 6, moving to £285,000 in 2006 and then £300,000 in 2007.
  
  
• New stamp duty threshold to be doubled to £120,000.
  
  
• Pension Credit from now to 2008 to rise by 13 per cent, in line with earnings.
  
  
• Personal income tax allowance to be lifted in line with inflation from £4,745 to £4,895.
  
  
• At a cost of £1bn the child tax credit will rise by £5 a week.
  
  
• Some 100,000 first time buyers to benefit from shared equity schemes.
  
  
• Brown will "continue to be prudent".
  
  
• A "modest fiscal tightening" in public finances this year.
  
  
• For 2007/08 there would be £3.5bn extra for policing and law and order, £12bn for education and £23bn for health.
  
  
• From next year more help with early learning and increased funding for Sure Start scheme.
  
  
• Children to be able to start in nursery aged three and continue in full or part-time education until 18.
  
  
• Building programme for primary schools, with investment totalling £1.6bn this year and then rising to £1.8bn in 2006/07.
  
  
• More than 8,900 primary schools to be rebuilt or refurbished.
  
  
• Council tax refund for pensioners to rise from £50 to £200.