Budget 2011: The key stories

Despite all the leaks, George Osborne's budget contained quite a few surprises. Here are the key stories emerging from the speech.

Having opened by slashing the UK growth forecast - a move that prompted rises in gilts but a fall in Sterling - Osborne confirmed he would not scrap the 50% higher rate income tax implemented by Labour, although he said he still viewed the rate as a 'temporary measure'.

Corporation tax will be cut by 2% from April and a further 1% for each of the next three tax years, bringing ti down to 23%.

Inheritance tax will be reduced by 10% for any estate that gifts 10% to charity.

The expected merger of Income tax and National Insurance was included, but Osborne will take consultation and promised that pensioners would not be liable to NI.

A large-scale, long term reform of the State pension was announced as Osborne proposed a flat-rate £140 per week rate for all, based on contributions, ending means testing.

The chancellor also proposed reform of the taxation system for non-doms, increasing the charge for those resident 12 years.

The Treasury endorsed the recent Hutton report's recommendations on public sector pensions, aiming to phase out defined contribution schemes by 2015.

A £250m scheme to encourage first time buyers to purchase new-build houses was unveiled, along with an extension of the Mortgage Interest Scheme.

A shift in stamp duty on property protfolios was also annoounced, meaning properties will now be taxed according to the average value of the portfolio.

Osborne announced an increase in tax relief for Enterprise Investment Schemes - from 20% to 30%. The amount schemes can invest in one company also rose byu 400%.

Beyond EIS tax relief, the Budget contained a number of proposals designed to encourage industry, including the creation of 21 enterprise zones, a tax break on patents and an extension of the small business rate relief holiday by one year.

The mobility component of the Disability Living Allowance will be retained for people in care.

Outside of personal finance, a move to reduce fuel duty looks likely to prove popular.

And finally, Lawrence Gosling blogged on Ed Miliband's response to the budget asking whether the Labour leader's characterisation of the Chancellor as 'Norman Lamont with an ipod' was fair.

To view all IFAonline's budget coverage, visit www.ifaonline.co.uk/tag/budget-2011 or read the full speech here.

Alternatively, we've collated a selection of the Twittersphere's finest Budget-related tweets.