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VAT cut from 17.5 per cent to 15 per cent from next Monday, 1 December, for 13 months.

■ Duty up on drink and fuel

VAT reduction on tobacco, alcohol and petrol to be offset by increasing duties on these products so they do not fall in price.

■ 45 per cent tax for high earners

New tax rate of 45 per cent on top 1 per cent of earners with income over £150,000 from April 2011. Personal income tax allowances scrapped for those earning more than £140,000 from 2010.

■ Basic rate tax boost

Temporary tax benefit of £120 a year for basic rate payers introduced in May to be made permanent and increased to £145 a year in April.

■ NI goes up from 2011

National insurance up 0.5 per cent from April 2011, but level at which it kicks in increased so those earning under £20,000 will not contribute more.

■ £20bn to stimulate economy

£20 billion fiscal stimulus between now and April 2010. £3 billion capital spending brought forward from 2010 for this year and next, to be spent on motorways, social housing, fuel efficient housing and schools. However, increase in spending slashed to 1.2 per cent in real terms by 2012.

■ More GDP falls forecast

Growth in GDP expected to fall further this quarter and again in first half of next year. Mr Darling expects economy to shrink by between 0.75 per cent and 1.25 per cent in 2009. Economy to grow between one and a half and two per cent in 2010.

■ Borrowing to hit £196bn

Borrowing to rise to £78 billion this year, £118 billion next year — £300bn over five years.
* Basic rate tax boost

■ Pensions, child benefit up

Basic state pension up from £90.70 to £95.25 from January, three months early. Pensioners also get extra £60 or £120 for couples one-off payment in January. Child benefit up from £18.80 to £20 a week, three months ahead of schedule in January.

■ Help on mortgage debt

New three month "cooling off" period before repossession action starts for home owners in arrears. Increase in upper limit of Support for Mortgage Interest scheme for people on benefits.

■ Fly farther, pay more

Four-band taxation scheme for air passengers so that those who travel farthest meet cost. Tax per plane scheme ruled out.