Here are the key points at a glance:

• Income tax threshold to be raised to £11,500 in April 2017
• Higher rate income tax threshold to be increased to £45,000 from April 2017
• Removal of tax and NI benefits of salary sacrifice schemes with the exception of ultra-low emission cars, pensions, childcare vouchers and cycle to work
• National Living Wage for employees over the age of 25 to rise from £7.20 an hour to £7.50 from April next year
• Annual ISA allowance to be increased to £20,000 for 2017/18
• Employee and employer National Insurance thresholds to be equalised at £157 per week from April 2017
• Insurance premium tax to rise from 10% to 12% next June
• Introduction of a new investment bond
• From April 2018 termination payments in excess of £30,000 will also be subject to national insurance
• Commitment to cut corporation tax rate to 17% by 2020
• Reform of trade loss relief