The Chancellor of the Exchequer, George Osborne presented his second Budget on Wednesday 23 March 2011.

In his Statement he said that the 'Budget is about reforming the nation's economy, so that we have enduring growth and jobs in the future'.

The Main Budget proposals

The government had previously announced changes which apply from April 2011. However the Statement also included several new announcements, some of the more significant of which are set out below:

• An additional 1% cut in the main rate of corporation tax to 26% from 1 April 2011.
• Enhanced tax incentives for investment in higher risk companies and for SMEs investing in research and development.
• Reintroduction of Enterprise Zones.
• Entrepreneurs' Relief limit doubled to £10 million.
• An increase in the mileage rate payable to own car drivers.
• Consultation on integrating income tax and National Insurance Contributions.
• Reduced inheritance tax rates for those giving one tenth of their estate to charity.

Additional publications relating to the Report will also be available from the HM Treasury Web Site