"Locking in stability" was Gordon Brown's core Budget theme.

Linked to that theme were a series of cautious forecasts on future economic trends.

• Growth forecasts had been between two per cent and 2.5 per cent. Actual growth had been 2.3 per cent, he said.

• Inflation had been on average 2.4 per cent.

Brown predicted a strong economy over the coming year.

• Inflation is predicted to be 1.75 per cent this year, two per cent in 2005 and two per cent in 2006.

• Growth is expected to be between three and 3.5 per cent in 2005 and 2.5 and three per cent in 2006 as the economy "returned to trend".

• The chancellor used the statement to pledge to slow the rate of growth in public spending ahead of a general election.

•Debt is 33 per cent of national income and the deficit of the GDP is 2.8 per cent this year.

•Debt levels are expected to rise to 36 per cent of GDP by 2008-09. Debt will remain below 40 per cent in future years, meeting the sustainable investment rule.

•Net borrowing will be £37.5 bn this year followed by decreases forecasted to be £33bn, £31bn, £27bn, £27bn and £23bn.

•Budget figures for 2003-04 and for years to 2008-09 are -£21.3 billion, -£11 billion, -£5 billion, zero, £4 billion and £9 billion.