HIGHLIGHTSNo major tax rises Borrowing to rise from �11bn to �20bn Growth targets for this year revised down from 2.5% to 1.6% Plans to consult on increasing landfill tax escalator, currently �13 per metric ton per year, by �3 per ton per year from 2005/2006 Britain weathering "worst global economic downturn since 1975" better than other major economies Chancellor warns against inflationary public sector pay deals Mervyn King is to be the new governor of the Bank of England, replacing Sir Edward George, who is retiring �1bn boost in defence spendingINTERNATIONAL COMMITMENTS
Britain is proposing a new multinational plan to double Third World aid to $100bn a year by 2015Helping secure more debt relief for 26 of the world's poorest poor countriesPENSIONS
New pension credit to be set for pensioner couple on �120 a week at �21.50 a week extra A couple on �160 a week will receive �17.50 a week extra, while those on �170 a week will receive �13.50 a week A single pensioner with a �110 a week income will receive �11.60 a week Considering further tax and National Insurance reforms to boost child care WORK
Sir Roy Gardner, chief executive of Manchester United, to head a new apprenticeship task forceExpand training and management courses for small businesses More work permits for immigrants Education secretary will announce over three years �75m to promote education and enterprise in schoolsENTERPRISE
Local authorities will be allowed to keep additional rate income from creation of new businesses Abolish stamp duty on businesses in 2,000 regeneration areasDevolve business support schemes to the regionsFormal review of employers' operators liability insuranceConsult small businesses on more exemption from VATExtension of small firms loan guarantee schemeNew shareholder executive announced for JanuaryECONOMY
PFI contracts to be extended to regeneration projectsOffice of Fair Trading will scrutinise public sector regulationsAll public spending pledges will be metFive economic tests on euro entry to be completed by June next yearNet borrowing will be �20bn this year, �24bn next year, �19bn in 2004, �19bn in 2005 and �20bn in 2006Current budget surplus is 0.2% this year, rising to 0.7% in four years timeDebt this year will be 31% of GDPSustainable investment rule will be met over the economic cycle'Golden rule' on borrowing will be met over the economic cycleGDP growth 1.6% this year rising to 2.5% to 3% next year and 3 to 3.5% in 2004More balanced economic growth aheadInflation target of 2.5% this year will be met 
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