The most Tory things from George Osborne's Budget

Well, it was the first Conservative government Budget since 1996, so what did we expect, really?

Here are the most Tory announcements from George Osborne's statement to the House:

1. Committing the UK to meet the Nato pledge of spending two per cent of national income on defence every year until 2020.

2. Corporation tax to be cut from 20 per cent to 19 per cent in 2017 and 18 per cent by 2020.

3. While tax-free personal allowances for income tax will be raised from £10,600 to £11,000, there was still no national insurance threshold.

4. Welfare cuts, as detailed below, will save £12 billion by 2019/2020.

5. Changes to tax credits will bring benefit spending back to 2007/2008 levels in real terms.

6. The benefits cap will be reduced from £26,000 per household to £23,000 in London and £20,000 elsewhere. People in social housing earning more than £40,000 in London and £30,000 outside the capital will also pay rent at market rates.

7. The rate at which a household's tax credit is reduced as it earns will be increased by 48 per cent - and the income rise disregard reduced from £5,000 to £2,500.

8. Income threshold for tax credits to be reduced from £6,420 to £3,850, with similar reductions to Universal Credit work allowances (which will also no longer be awarded to non-disabled claimants without children).

9. Working age benefits to be frozen for four years - including tax credits and local housing allowance (only maternity pay and disability benefits will be protected).

10. Automatic housing benefit entitlement for people aged 18 to 21 will be scrapped. A new Youth Obligation will be set up requiring people in this age group to earn or learn - with exemptions for vulnerable people.

11. Increasing the inheritance tax threshold so that up to £1million can be passed on to children without paying any tax.

12. The climate change levy exemption for renewable electricity is being removed.

13. But fuel duty will remain frozen, all cash raised from vehicle excise duty in England this decade will go towards new roads, and oil and gas tax breaks outlined in the March Budget will go ahead.

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