Here is a summary of the main points of July's budget
Personal taxation and pay
New national living wage will be introduced for all workers aged over 25, starting at £7.20 an hour from April 2016 and set to reach £9 by 2020 - giving an estimated 2.5 million people an average £5,000 rise over five years
Low Pay Commission to advise on future changes to rates Inheritance tax threshold to increase to £1m
phased in from 2017, underpinned by a new £325,000 family home allowance
Personal allowance
at which people start paying tax, to rise to £11,000 next year. The government says the personal allowance will rise to £12,500 by 2020, so that people working 30 hours a week on the minimum wage do not pay income tax
The point at which people start paying income tax at the 40p rate to rise from £42,385 to £43,000 next year Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax Welfare and pensions
Tax credits and Universal Credit to be restricted to two children, affecting those born after April 2017
Income threshold for tax credits to be reduced from £6,420 to £3,850
Working-age benefits to be frozen for four years - including tax credits and local housing allowance, but maternity pay and disability benefits exempted
Rents in social housing sector will be reduced by 1% a year for the next four years.
Subsidies for social housing will be phased out with local authority and housing association tenants in England who earn more than £30,000 - or £40,000 in London - having to pay up to the market rent
Disability benefits will not be taxed or means-tested while state pension triple lock to be protected
18-21-year-olds will not be entitled to claim housing benefit automatically, with a new "earn to learn" obligation
Employment and Support Allowance payments for new claimants who are deemed able to prepare for work to be "aligned" with Jobseeker's Allowance
Green Paper published on proposals for "a radical change" to pension saving system
The amount people can contribute to their pension tax-free to be reduced for individuals with incomes over £150,000
The cost of funding free TV licences for the over-75s transferred from the government to the BBC between 2018 and 2021
The annual household benefit cap will be reduced to £23,000 in London and to £20,000 in the rest of Britain.
The state of the economy
Economy grew by 3% in 2014
2.4% growth forecast in 2015, 0.1% lower than predicted in March, followed by 2.3%, 2.4% and 2.4% in the following years
One million extra jobs predicted to be created by 2020 Public borrowing/deficit/spending
Deficit to be cut at same pace as during last Parliament - reaching a budget surplus a year later than planned in 2019-20
Spending to be £83.3bn higher up to 2020 than projected before the election
Borrowing set to fall from £69.5bn this year to £43.1bn, £24.3bn and £6.4bn before reaching a £10bn surplus in 2019-20
Debt as a share of GDP to fall from 80.3% this year to 79.1%, 77.2%, 74.7%, 71.5% and 68.5% in successive years
1% public sector pay rise to continue for next four years
£37bn of further spending cuts by 2020, including £12bn of welfare cuts, £5bn from tax avoidance and a £20bn reduction in departmental budgets Alcohol, tobacco, gambling and fuel
No rise in fuel duty this year with rates continuing to be frozen Major reform to vehicle excise duties to pay for a new road-building and maintenance fund in England
New VED bands for brand new cars to be introduced from 2017, pegged to emissions for the first year. Subsequently, 95% of car owners will pay a flat fee of £140 a year Alcohol and tobacco duties not mentioned in statement
Business
Corporation tax to be cut to 19% in 2017 and 18% in 2020
Permanent non-dom status to be abolished - from April 2017, anyone who has lived in the UK for 15 of the past 20 years will pay same level of tax as other UK citizens, raising an estimated £1.5bn
£7.2bn to be raised from clampdown on tax avoidance and tax evasion with HMRC budget increased by £750m
Bank levy rate to be gradually reduced over the next six years and a new 8% surcharge on bank profits introduced from 2016
Cap on charges imposed by claims management companies and an increase in insurance premium tax to 9.5% from November
New apprenticeship levy for large employers
Climate Change Levy exemption for renewable electricity to be removed
National Insurance employment allowance for small firms to be increased by 50% to £3,000 from 2016
Dividend tax credit to be replaced with a new tax-free allowance of £5,000 on dividend income. Rates of dividend tax to be set at 7.5%, 32.5% and 38.1%.
Annual investment allowance will be fixed permanently at £200,000 from January 2016
A consultation will take place on changing Sunday trading laws Health and education
NHS will receive a further £8bn by 2020, in addition to the £2bn already announced)
Student maintenance grants to be replaced with loans from 2016-17, to be paid back once people earn more than £21,000 a year
The maintenance loan will increase to £8,200
New university professorships to be created to mark the Queen's 90th birthday
£50 million to expand the number of cadet units in state schools Housing/infrastructure/transport/regions
Control over fire services, planning and children's services to be handed to consortium of 10 councils in Greater Manchester
Discussions on devolution of services to Sheffield, Liverpool and West Yorkshire
£30m for new body, Transport for North, to promote integrated transport - including use of Oyster cards - in the north of England
Rent-a-room relief scheme to rise to £7,500
Defence
Government to spend 2% of GDP on defence every year, meeting Nato target
Spending on defence to rise in real terms - 0.5% above inflation - every year during the Parliament
New £1.5bn Joint Security Fund for investment in military and intelligence agencies
Recipients of the Victoria Cross and George Cross will see annual pension annuities rise from £2,129 to £10,000, paid for by bank fines. Government to fund memorial to victims of terrorism overseas.
