[1] The budget speech outlined the Labour Government's fiscal policies prior to the 2010 general election, which had to be called before July.

The Budget's main headlines included: The Chancellor aimed for public sector net borrowing to fall to 8.5% of GDP by 2011-12, and 4.0% by 2014-15.

Public sector net debt was projected to increase to 73% of GDP by 2012-13.

[4] After the General Election was called on 6 April, the Chartered Institute of Taxation expressed concern at the lack of time for debate on complex measures.

[5] In the event, many of the clauses announced in the Budget speech were dropped from the Bill before Parliament was dissolved.