• The economy is forecast to shrink by 4.75% during 2009, and growth of between 1% and 1.5% is expected in 2010. Further growth of 3.5% is expected in 2011 and 2012.

• The rate of VAT will revert back to 17.5% from 1 January 2010 and there will be no further changes to the rate.

• All National Insurance rates will rise by 0.5% from April 2011, although anyone earning less than £20,000 will be exempt from the increase.

• The increase in Corporation Tax for small firms will be deferred, while HM Revenue & Customs' (HMRC) Business Payment Support Service, which allows firms to spread their tax payments, will be extended for as long as it is needed.

• There will be an increase to the threshold for empty property relief, so that for 2010/11 commercial properties in England and Wales with a rateable value below £18,000 will be exempt from business rates.

• The Enterprise Finance Guarantee scheme will be extended for another 12 months, guaranteeing £500 million worth of loans for small firms.

• Funding worth £5 million has been allocated to help ex-services personnel to set up their own business.

• Green measures announced include a 100% first year capital allowance for electric vans and a five-year exemption from company car tax for electric cars.

• A 10% Corporation Tax will be introduced on income that comes from patents in the UK, in order to help the science and technology industries.

• Around £5 billion will be saved from cutbacks in public sector IT and outsourcing projects. There are also plans to give older people more support to stay in their own homes in order to cut back on residential care.

The full Pre-Budget Report and associated notices are available from HM Treasury at: http://prebudget.treasury.gov.uk