Bygone budgets: March 1988

Chancellor: Nigel Lawson
Government: Conservative

guardian.co.uk, Wednesday March 3 1999 15.52 GMT

Nigel Lawson marked his fifth budget with a speech lasting 105 minutes, including interruptions. There were plenty, with Labour MPs chanting "shame" as the extent of the chancellor's tax cuts became clear. Conservative MPs were delighted, although big business in the City was disappointed that the chancellor failed to abolish stamp duty on share deals.

Income tax
Basic rate cut by 2% to 25%.

Personal tax allowances
Main income tax personal allowances increased by 7.4% - double the inflation rate.

Inheritance tax
Threshold raised from £90,000 to £110,000 with a single 40% rate replacing existing four rates between 30 and 60%.

Corporation tax
Small companies' tax cut from 27% to 25%.

Duties
Beer up 1p, wine up 4p, spirits unchanged, 20 cigarettes up 3p.