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The Chancellor has delivered the first Budget of the Coalition Government. The need for the Emergency Budget was described as "unavoidable" by the Chancellor and was set against a background of a massive deficit and the risk of the UK credit rating being reduced.

The highlights of the speech include:

• Immediate changes to Capital Gains Tax
• Increase in the rate of VAT to 20% from 4 January 2011
• Increase in the personal allowance by £1,000 from 6 April 2011
• Reform to Corporation Tax and Capital Allowances
• The Entrepreneur's relief threshold to be increased to £5M from 23 June 2010
• Reform of welfare benefits including Child Tax Credits and Housing benefits

To view our commentary on The Emergency Budget please click here. (PDF 80k)