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I can confirm today that having consulted further, my Right Honourable Friend, the Communities Secretary will lower the transitional relief cap from 45% next year to 43%, and from 50% to 32% the year after.

The government remains committed to consulting on policy as set out in ‘The new approach to tax policy making’ in 2010. Most measures proposed at a Budget will be subject to policy consultation in the spring and publication of draft legislation in the summer, before being legislated in the Finance Bill after the following Budget. To build on this and allow for an earlier stage of involvement on key strategic challenges, the Chancellor has said that he may launch consultations on how to address these longer-term issues at the Spring Statement.

The government’s education reforms have raised standards and expanded opportunity with 1.4 million more children now in ‘good’ or ‘outstanding’ schools.

New fiscal targets are needed to provide the flexibility to support the economy and create space for more investment in roads, rail, research, and housing.

Insurance Premium Tax (IPT) will increase from 10% to 12%. IPT is a tax on insurers and it is up to them whether and how to pass on costs to customers.