Gordon Brown began the 22nd March Budget by announcing that the last chancellor to deliver ten budgets in a row delivered his last speech in 1822.
Gordon Brown labelled Britain's economy as "resilient, robust and prudent". He said that inflation had stabilised at 2% and economic growth was also steady at 2.5% in line with forecasts. Productivity was growing at 2.3% and this is higher than at any time since the 1960s, according to Mr Brown.
The chancellor said he had met his "golden rule" on public borrowing and was on course for a ￡16bn surplus over the economic cycle ending in 2010-11.
An independent board would publish official statistics.
Net debt was now 36.4% of national income - and would rise to 38%.
Education and Training
Mr Brown said the most important investment in the future would be in education and announced an increase in investment in schools to ￡8bn a year from ￡5bn now.
Mr Brown said he wanted to raise the amount spent on each state school pupil to the level seen in private schools now to ￡8,000.
The chancellor said that further education would be free of charge for the first time up to the age of 25, with adult learning grants to help with the cost of living.
The government will launch a comprehensive programme for recruiting and retaining staff, including 3,000 extra science posts in pools and funding for after-school science clubs.
The government will spearhead a new summer school for entrepreneurs.
Mr Brown promised new help for working women, including doubling training for women with low skills and addressing pay discrimination be new summer schools for entrepreneurs.
The number of community support officers will more than double from 6,000 to 16,000 by April 2007.
In the last year 160,000 new homes have been built, said Mr Brown.
￡970m would be set aside for shared equity schemes, allowing first-time buyers to get onto the property ladder.
The lower limit for stamp duty has been raised from ￡120,000 to ￡125,000.
Mr Brown said he was planning to index the climate change charge in line with inflation from 2007 to cut CO2 emissions further. To help developing countries, Mr Brown proposes a World Bank scheme to help these poorer countries to invest in new forms of energy.
A new ￡1bn energy and environmental research institute would be created, to be financed by government and private industry.
Vehicle Excise Duty would rise to ￡210 for the highest polluting cars, while vehicles with the lowest rate of emissions would pay no duty.
The usual annual inflation increase in fuel duty would be delayed until 1 September this year.
The inheritance tax threshold would be lifted from ￡275,000 to ￡325,000 over the next few years, starting with a rise to ￡285,000 in the 2006/7 tax year.
Personal tax allowance would rise from ￡4,895 to ￡5,035
Taxes for families would not be reduced any further however the child element of the child tax credit by 14% over the next few years.
The Child Trust Fund scheme would be extended by a ‘booster' amount when children reached 7 years of age. Childcare vouchers are to increase by ￡5 a week to ￡55.
The usual annual inflation rise of 1p in duty would apply to a pint of beer, but duty on cigarettes would rise 9p. Duty on wine will also rise by 4p but not be applied to Champagne nor British sparkling wine.
An additional ￡600m would be made available to fund world-class British athletes. Mr Brown announced plans to set up annual national competitions for schoolchildren in Olympic events.
A new national sports foundation will be founded, with ￡34m from the government and other funding from private companies.
A further ￡2m will be allocated to after-hours sports clubs for young people in a scheme run by police, premier league football clubs & community groups.
The chancellor also announced that there would be free off-peak national bus travel for pensioners in every part of the country.
Conservative leader David Cameron branded Mr Brown as a "politician stuck in the past".
Mr Cameron called Gordon Brown the ‘roadblock' preventing Britain from embracing the future.
"This chancellor is mortgaging this country's future", Mr Cameron claimed, referring to the ￡175bn borrowing over the next six years.
Mr Cameron claimed that business investment in the UK was at a record low and the tax burden was at its highest level ever.
He concluded by referring to Mr Brown as an " analogue politician in a digital age. He is the past".