Personal tax allowance raised to £10,500
The chancellor has announced a rise in the personal allowance from £10,000 to £10,500.
However, there had been significant argument as to whether tax cuts would be most effective when directed at the personal allowance or national insurance contributions (NICs).
According to polling from KPMG, more than a fifth of firms backed a reduction in national insurance contributions, coming out as the most popular potential policy in the budget.
The Adam Smith Institute (ASI) had recommended that the personal allowance and employee national insurance be merged and set at £13,000 after the minimum wage rises to £6.50/hour.
Read our full summary of the budget here.