Bygone budgets: March 1984

March 1984 Budget
Chancellor: Nigel Lawson
Government: Conservative

guardian.co.uk, Wednesday March 3 1999 15.43 GMT

This was Nigel Lawson's first budget and he said he was embarking on "a radical programme of tax reform". Conservative MPs hailed Mr Lawson as a hero. The new leader of the opposition, Neil Kinnock, said the budget "does more for the City of London than it does for the country".

National insurance
1% surcharge paid by employers abolished.

Corporation tax
Cut from 52% to 50%. In future, it would fall to 45, 40 and then 35% in successive years.

VAT
Extended to cover hot takeaway food and drink and building operations.

Investment tax
The investment income surcharge tax was abolished.

Duties
Beer up 2p a pint, spirits up 10p a bottle, but wine duty cut by 18p a bottle in line with a European court order. 10p added to the price of 20 cigarettes.