Live: Budget updates

The Chancellor is giving his third Budget – follow us for live updates:

13.29: Chancellor ends his Budget speech by saying :”This country borrowed its way into trouble, now we’re going to earn our way out.”

13.26: Personal allowance to be increased by £630 in two weeks time.

From April people can earn £9, 205 before paying any tax.

13.25: Plans to withdraw child benefit from higher rate earners amended.

The benefit will be withdrawn when someone in a household has an income of more than £50,000. The withdrawal will be gradual – 1% for every £100 over £50,000.

Those earning more than £60,000 will lose all their child benefit.

13.23: Top rate of tax to be 45p from April 2013.

Changes to taxes on the rich announced today means the Treasury will receive “five times more money each and every year from the wealthiest in our society”, said Mr Osborne.

13.22: “No Chancellor would support a tax that damages our economy and raises next to nothing”

13.20: Chancellor says 50p tax rate has caused “massive distortions”. The increase from 40p to 50p raised just a third of the £3bn expected.

13.19: 7% stamp duty on homes over £2 million from midnight tonight.

13.16: Stamp duty on residential properties over £2 million which are bought via a company will increase to 15%, taking effect from today to close the loophole.

13.13: No changes to fuel duty already set out. Increasing vehicle excise duty by inflation but frozen for road hauliers.

Fair fuel stabiliser will mean that above inflation rises in fuel duty will only return if price of oil falls below £45 a barrel.

13.12: Substantial changes to gambling duties. Machine Games Duty introduced – with a standard rate of 20% and a lower rate for low stakes and prize machines of 5% of net takings.

Tax on gambling based on where person is based, not the company to discourage online companies moving off-shore

13.11: No changes to alcohol duty to those already set out.

Tobacco to rise by 5% above inflation – 37p on a packet of cigarettes.

13.09: Corporation tax to be cut to 24% from next month and be 22% by 2014.

13.07: People will get a tax statement saying “what they are paying and what they are paying it for”.

13.05: New single tier pension to be introduced 

Next month basic state pension will increase by £5.30 a week.

13.03 “Need a modern tax system for the modern world”

Chancellor says one million people have been taken out of the tax system.

Tax small firms on the basis of cash which passes through their businesses. Will apply to companies with turnover up to £77,000.

VAT anomalies to be addressed. Exemptions on food and children’s clothes to remain.

13.01: Regional pay rates being considered

The Government is exploring the idea of enterprise loans to help start new businesses

12.59: Overhall of planning legislation announced.

“We’re introducing a presumption in favour of sustainable development;

“While protecting our most precious environments.

“The new policy comes into effect when the National Planning Policy Framework is published next Tuesday.

“This is the biggest reduction in business red tape ever undertaken.”

12.58: £50m for ultra-fast broadband in smaller cities

12.56: Support for video games industry through tax credits.

12.55: Creation of Francis Crick Institute at St Pancras and cutting taxes on patents to boost life sciences industry. £100m to be invested in University science research

12.54: Chancellor says he wants to see more investment in renewable energy.

12.52: Investment in transport projects in London through “Growing Places Fund”

12.49: Increased private investment in the road network. Network rail to extend the Northern Hub, adding to the electrification of the Transpennine rail route, by upgrading the Hope Valley line between Manchester and Sheffield – and improving the Manchester to Preston and Blackpool, and Manchester to Bradford lines

12.48: UK in top 10 most competitive nations – Chancellor. Want to double exports.

12.45: Considering a “perpetual gilt” as well as ones with longer than  50 year maturity. Gold holdings now at £11bn

12.44: Fund extra 100m for military housing. Doubling rate of council tax relief for armed forces overseas.

12.42: There will be a White Paper published on social care. There will be a review of the state pension age to consider how it adapts to people living longer.

12.41: Welfare budget set to rise to one third of public spending.

12.38: Chancellor says the defecit is falling. It is expected to reach 7.6% next year.

12.37: Inflation is expected to fall from 2.8% to 1.9% next year.

12.36: Growth forecast up to 0.8% this year and 2% next year.

12.35: Britain is “not immune” to recession in Euro area. Chancellor also warns of risk of high oil prices to economy.

12.31: George Osborne tells Commons “this is how Britain will earn its way in the world”

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