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LIVE: George Osbourne delivers Budget 2013
Updated 8:56am Thursday 21st March 2013 in News
This live event has finished
- Income tax threshold to be raised to £10,000 by next year
- Beer duty cut by 1p a pint
- Planned fuel duty rise scrapped
- The first £2,000 to be taken off all employers' National Insurance bill
- Chancellor George Osborne promises £3bn for infrastructure
- Economic growth is forecast to be 0.6% this year
- Service personnel to be exempt from public sector 1% pay rise cap
- Public sector net debt will fall by 2017/18, the Office for Budget Responsibility forecasts
- The Chancellor has slashed the official growth forecast in half as he admitted the recovery was taking "longer than anyone hoped".
- George Osborne said the economy would grow by just 0.6% this year - down from the previous forecast of 1.2% - and would be slower than forecast next year at 1.8% compared to the 2% forecast at the time of the Autumn Statement.
- He described the package as a "Budget for people who aspire to work hard and get on". But he added: "Today, I'm going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them."
Chancelor confirms school and health budgets to remain ringfenced from the £11bn of extra cuts to come.— @YMeditor 20 March 2013
Osborne says it is sometimes claimed that borrowing has gone up under the coalition.
The opposite is true, he says.
• Deficit has fallen from 11.2% of GDP in 2009-10, to a forecast of 7.4% this year. Osborne says that is a fall of a third.
• Borrowing forecast to be £108bn next year, then £97bn in 2014-15, then £87bn the following year.
• Government on track to meet its borrowing target a year early, he says.
But he says he is not on course to hit his debt target.
New #taxfreechildcare scheme announced today to be worth up to £1,200 per child http://t.co/pNqsjB7dVb #budget2013 #childcare @hmtreasury— @DPMoffice 19 March 2013
Unemployment up 7,000 to 2.52 million undermining George Osborne's rosy #Budget2013 speech hopes http://t.co/Vjx9l9FK6P via @BusinessDesk— @guardian 20 March 2013
RT @HouseofCommons: The Chancellor, @George_Osborne, will deliver the #Budget2013 statement in the Commons at 12.30pm today. Watch live http://t.co/xPLdRdtN0v— @AspirationEurop 20 March 2013
RT @George_Osborne: Won't be tweeting while I'm speaking so follow the Budget measures live @hmtreasury and @torytreasury— @lovealiasseven 20 March 2013
Now in the Chamber for #PMQs, a very lively #budget day atmosphere! #budget2013— @GregMulholland1 20 March 2013
Yes, George Osborne, "there will always be death and taxes". However, death doesn't get worse every year. #Budget2013— @Charles_HRH 20 March 2013
The Chancellor will deliver his #Budget2013 speech to the House of Commons at 12.30 today. See our website http://t.co/bkkoFVCOPs— @hmtreasury 20 March 2013
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