Budget 2015: 25 key points at a glance

George Osborne has unveiled his latest budget: here are the key points

Revised down for 2015 to 2.4% from 2.5%. Forecast to grow 2.3% next year - the same as the last budget - and then grow the year after that.

Rowena Mason, political correspondent: Osborne gets this little bit of negative economic news out of the way early in his speech, moving on swiftly to boasts about higher tax receipts and creation of more jobs.

RM: The chancellor is repeatedly trying to emphasise that his cuts will not be deeper or more severe than in the last parliament, attempting to cast them as moderate in the face of some Tory jitters about the scale of the public spending reductions.

Osborne does in fact appear to have watered down his planned cuts, with higher public spending than he forecast in March and an extra year to achieve his aim of a budget surplus. In fact, the Office for Budget Responsibility says he is using the budget to 'loosen significantly the impending squeeze on public services spending'.

RM: Osborne is risking strikes here with continued public sector pay restraint for another four years - on top of the last five years. That will be almost a decade of low pay rises for public sector workers.

RM: Labour's idea of a crackdown on non-doms has been nakedly stolen by Osborne, who rejected Ed Miliband's popular idea before the election. He is not quite going as far as Labour, which recommended abolishing it, but anyone resident in the UK for 15 of the last 20 years will no longer get to enjoy the status. Osborne repeatedly unveils crackdowns on tax avoidance but Labour has questioned how much it actually raises.

RM: It sounds like this could raise more money from the banks than the current levy. It's another idea very similar to one of Labour's pre-election pledges that Osborne has borrowed.

RM: Tory backbenchers will be breathing a sigh of relief that fuel duty is again frozen but it's not clear what the reformed vehicle excise duty to pay for new roads will mean for either motorists or the environment.

RM: This looks rather like a tax, despite Osborne's pre-election claims that tax rises would not be necessary.

RM: This is going to prompt claims that Osborne is disproportionately targeting the young when seeking savings. The Sutton Trust has already said it could tip the balance against low and middle income youngsters going to university.

RM: Osborne's plan to create a northern powerhouse really gets up the nose of Labour MPs who feel this should be their territory. However, Labour has begun to point out where the plans are more style than substance.

RM: This was heavily trailed and is opposed by all the Labour leadership candidates as well as trade unions.

RM: This is an interesting move that suggests Osborne is at last acknowledging the 'risks to stability' of an overheating housing market.

RM: A key plank of the Tory manifesto, the chancellor is signalling this is a priority by implementing it so early in the parliament - seven years after he first promised it while in opposition.

RM: This looks like a major shake-up to stop tax avoidance through use of personal service companies.

RM: This may be a concession to business as the government tries to put pressure on companies to raise wages for the lowest earners. But it is a bold move at a time when he is about to slash welfare and the rate is already at the lowest in the G7.

RM: Osborne seemed to promise no more cuts to BBC budget in return for it taking on the extra cost of free TV licences which could explain why the corporation has accepted it.

RM: Osborne has wriggled out of David Cameron's promise not to cut benefits for the "most disabled".

The rest of the announcement is as expected given the heavy hints about reforming the tax credit system but is likely to draw intense criticism that Osborne is punishing children who cannot help being born in into large, low income families. Labour will now have to decide whether it can stomach this in pursuit of appearing tough on welfare, along with the lower benefit cap and removal of housing benefit for under-21s.

RM: The Conservatives have whole-heartedly adopted this policy from the Lib Dems despite criticism that it no longer helps the lowest paid because they are now already exempt from taxation. It is some of the best paid in the workforce around the higher rate threshold who will get the biggest benefit.

RM: This is the rabbit from the hat. After giving businesses a cut in corporation tax and lower national insurance contributions for small firms, they will be forced to pay their workers who are over 25 at least 7.20 an hour, rising to 9, by 2020. Osborne said 2.5m of the lowest paid will get a pay rise.

RM: The government was vulnerable on this after criticism from military figures, Tory backbenchers and US officials, so some extra money for defence has obviously been found down the back of the Treasury sofa.