WINNERS

Rich homeowners Osborne stuck by the Tories' pledge to restrict inheritance tax to "millionaires" – though suggested it might not come immediately.

Pension funds Osborne said he wanted to reverse Gordon Brown's "pensions tax raid," the abolition of double tax relief on dividends that hit many investors. But, again, he made clear this was an aspiration, not an immediate promise.

LOSERS

Workers in their mid-50s expecting to claim their state pension as they turn 65 will have to wait another year. They might still choose to retire, but only if they can afford it on their company or private pension alone. This will help pay for restoring the link between pensions and earnings.

High earners claiming tax credits Osborne promised to protect universal benefits, including child benefit and the winter fuel allowance, but said that families earning more than £50,000 would no longer be allowed to claim means-tested benefits, and the Child Trust Fund, which pays £250 for every new baby in the UK, would be restricted to the poorest.

Britart star Tracey Emin and other top earners threatening to leave the country because of Labour's plans for a 50p top tax rate: Osborne said he won't be able to repeal it immediately.

Incapacity benefit claimants The government has been battling to reduce the number of people claiming long-term sickness benefits; the Conservatives say they would chuck an additional 500,000 people off incapacity benefit.

Civil servants All public sector staff earning more than £18,000 (apart from serving soldiers) would see their pay frozen for a year under a Tory government.