Chancellor Alistair Darling has opened his latest budget promising a Stamp Duty cut for first time buyers, an increase in ISA limits and a promise of extended support for both older and younger workers.

The Chancellor praised the country's efforts during the recession saying the said global recession has not turned into depression, UK unemployment has not risen as much as feared and borrowing is lower than forecast last year.

Mr Darling said the task now was to bring down borrowing in a way which does not damage the recovery or frontline services.

Latest figures from Northern Rock show it is returning steadily to normality and RBS is now being restructured and is rebuilding. The Treasury has already received over £8 billion in fees and charges from banks and the one-off 50% tax on bankers' bonuses has already raised £2 billion, said the Chancellor.

Mr Darling said more countries now agree on the need for an international systemic tax on banks, which must be brought forward quickly, as he will urge international finance ministers in Washington next month.

A new guarantee will mean everyone can have a basic bank account, giving up to 1 million more people access to bank accounts over the next five years.

Tax credit support for older workers is to be extended. To make it easier for those over 60 to receive working tax credit, the Government will reduce the minimum hours they need to work to be eligible.

A guarantee of a job or training for every 18-24 year-old after six months out of work is to be extended until March 2012.

The Support for Mortgage Interest scheme will continue at the higher rate for another six months. The Stamp Duty limit for first-time buyers will be doubled from midnight tonight to £250,000 for this year and next, to be funded through an increase in Stamp Duty to 5% for houses worth over £1 million from April 2011.

From next month, the annual ISA limit will rise from £7,200 to £10,200 and ISA limits will increase annually in line with inflation.