Chancellor George Osborne announced that corporation tax will be reduced by 17% by April 2020 and hopes this will lure more companies to Britain.
The tax was already cut from 28% to 20% previously and Osborne believes the extra cuts will provide a boost to local firms. This should save British firms around £15 billion a year by 2020.
A reduction in corporation tax would make Britain the country with the lowest rate in the G20, which will encourage more people to start, run and grow businesses in the UK.
The deficit will also be eliminated over the next 4 years and the government will be running a surplus. There will be a further £3.5 billion of savings from departmental spending in 2019-2020 to help achieve this.
Osborne announced in the Budget that there will be a longer school day for 25% of secondary schools and every school will become an academy by 2022.
The new Lifetime ISA will allow people to save for retirement or to buy a first home as from April 2017, any adult under 40 will be able to open one. Each year up to £4,000 can be saved and savers will receive a 25% bonus from the government.
The current Personal Allowance rate stands at £10,600 before workers start paying tax, but this will change from £11,000 in 2016 to £11,500 in April 2017.