CHANCELLOR George Osborne has announced a 1p cut in fuel duty starting from 6pm this evening.

In his budget speech he outlined his plans for growth and how he thinks he can make Britain the place to "start, fund and grow a business."

View the Chancellor's statement in full

We'll have full reaction later but for now, here are the key points. Let us know what you think in the comments.

• fuel levy on oil producers up to 32 per cent from 20 per cent, creating £2 billion in extra revenue

• this funds no duty rise until summer 2012

• the fuel price escalator, where an extra penny is added annually, has been cancelled

• if oil falls below $75 per barrel, these measures will be reversed

• duty has been cut by 1p per litre from 6pm tonight

•child tax credit for low incomes up £255

• personal income tax allowance up by £1,000 this year, a further £630 next year

• two per cent above inflation rise on tobacco duty

• car tax up by inflation only, no rise for HGVs

• begin a consultation on merging tax and National Insurance to cut red tape for businesses

• corporation tax down by two per cent this April, and another one per cent for next three years

• bank levy rate increased to pay for corportation tax cut