Bygone budgets: March 1983

Chancellor Geoffrey Howe said that what proved to be his last budget was designed to "further the living standards and employment opportunities of all our people". Labour leader Michael Foot told the Commons the budget was "squalidly inadequate" and former chancellor and SDP leader Roy Jenkins accused the Conservatives of delivering "a budget for votes" in the light of the forthcoming general election.

Personal allowances
Income tax personal allowances increased by about 14% - more than was needed to keep pace with inflation

National insurance
Employers' national insurance surcharge cut from 1.5% to 1%.

North sea oil
North sea oil companies were granted tax reliefs worth £800 million, phased over four years.

Corporation tax
Corporation tax on profits of small businesses was cut from 40% to 38%.

Duties
Beer up 1p, wine up 5p, spirits up 25p, 20 cigarettes up 3p.