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Personal tax allowance to be scrapped for people earning over £140,000. For Britons earning between £100, 000 and £140,000, their personal tax allowance will be reduced to the same as a basic rate taxpayer.

Ceiling on people with a pension of up to £1.8 million will remain in place up to and including 2015 and 2016.

Housing and Mortgages

Major lenders have agreed today to give struggling homeowners a three-month "grace-period" before starting repossession proceedings.

Gordon Brown, the Prime Minister, has already flagged this up but its inclusion in today's Pre-Budget Report will raise homeowners' confidence. It is also a sign of the Government exercising its control over the UK banking sector, in particular those participating in the £37 billion bailout scheme.

Banks have agreed to explore a range of options, including accepting a minimum mortgage payment from a homeowner. The Mortgage Interest Scheme, which helps homeowners who have lost their jobs, will increase the ceiling from £100,000 to £200,000.

The interest rate covered by the scheme will remain at 6 per cent, despite a fall in the base rate to 3 per cent.

Government will provide an extra £15 million for free debt advice.

The Government's mortgage rescue scheme will now be extended to those with a second mortgage.

The measure will help the buy-to-let mortgage market. According to the Council of Mortgage Lenders, some 1.58 per cent of buy-to-let loans, around 18,000 cases, were in arrears at the end of September. While the debacle leading up to the Government's nationalisation of Bradford & Bingley, once the UK's biggest buy-to-let lender, has not exactly helped confidence.

A total £775 million will be brought forward to invest in new housing and modernisation schemes.

A panel to be set up to monitor lending levels to businesses and households.

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