Bygone budgets: March 1987

Chancellor: Nigel Lawson
Government: Conservative

guardian.co.uk, Wednesday March 3 1999 15.49 GMT

Nigel Lawson's 59-minute budget speech was the shortest since 1867, when Benjamin Disraeli cut the chancellor's annual political spiel to a mere 45 minutes. His budget was a £2.6bn handout which delighted Conservative MPs with an election three months away. Labour leader Neil Kinnock called it a "bribes budget".

Income tax
Basic rate cut by 2% to 27%.

Corporation tax
Small companies' tax cut from 29% to 27%.

Profit-related pay
Half, instead of one quarter, now exempt from income tax up to the lower of £3,000 or 20% of pay.

Betting
On-course betting duty for horse and greyhound racing abolished from March 29. Duty on gambling machines increased by 25% to compensate.

Duties
Petrol duty on unleaded petrol reduced by 5p a gallon.