Main points of fiscal forecast

The main points of Gordon Brown's speech are:

Forecasts: Inflation to hit 2.5 per cent target for next few years;

Public spending to be £2 billion sterling below forecasts this year;

Budget surplus £5.5 billion this year;

Debt repayment £1.5 billion this year;

Growth of 1-1.5 per cent in 1999, of 2.252.75 per cent in 2000 and 2.75-3.25 per cent in 2001;

Current surplus to be £1 billion next year, £3 billion in 20002001, £8 billion the year after and £10 billion and £11 billion in the next two years.

Education: Tax relief for businesses that second staff to schools and colleges.

Share Ownership: Review of ways to encourage staff to hold shares in their companies.

Corporate Taxation: Further corporation tax cut for small businesses considered; temporary investment allowance may become permanent; merger of Inland Revenue and Contributions Agency.

Credit: Review of ways in which banks can boost business access to finance.

Competition: Bolster Office of Fair Trading.

Innovation: Possible tax credit for small business based on R & D investment; endowment of up to eight new Institutes of Enterprise in British universities.

Venture Capital: Review of how to encourage investment in start-ups and boost availability of funds.

Employment: Extension of New Deal to 28 further areas in Britain, and to all in Northern Ireland who have been unemployed for over 18 months.

National Insurance: From April, no employers' NI payments on earnings below £83 a week.

Childcare: Tax credit to cover all children up to 14 years old and disabled children up to 16 years.