Budget 2011 - full details - Live coverage - The Independent

Budget 2011 - full details

Details of the Chancellor's speech. Leave your comments below and we'll incorporate them into our coverage.

  • Headlines from Chancellor George Osborne's speech, which finished at 13:29:
    * Fuel duty cut by 1p per litre. Fair fuel stabiliser to be funded by increasing the charge on North Sea oil and gas production.
    * Personal tax allowance to rise by £630 to £8,105 in April 2012 - a real increase of £48 a year or £126 in cash terms.
    * Pay rise of £250 for armed forces, prison, NHS, teachers and civil servants earning under £21,000.
    * Alcohol: No new changes to alcohol duty beyond those already announced.
    * Tobacco duty rates to increase by 2% above inflation as previously announced.
    * £250m shared equity scheme for first-time buyers to help 10,000 families.
    * Corporation Tax reduced by 2% from April 2011 - rather than 1% as previously announced - and to fall by 1% in each of the next three years to reach 23%.
    * Tax avoidance clampdown to raise £1 billion per year from levies including Stamp Duty, Capital Gains Tax and relief on CDs imported from Channel Islands.
    * Private jets to be taxed.
    * Roads: Central funding of £100 million to help councils repair potholes.
    * Charity: People leaving 10 %or more of their estate to charity will enjoy 10 %reduction in inheritance tax.
    * Tax reliefs abolished: 43 complex rules go to simplify system.
    * New planning rules to require planners to prioritise growth and jobs.
    * Borrowing for this year to be £146 billion - below target. Falling to £29 billion in 2015/16.

    Our live coverage of the Budget has concluded:
    Follow breaking news on the reaction to today's Budget at www.independent.co.uk

    Leave your thoughts and reaction using the 'Make a comment' button below, or tweet them with the hashtag #indybudget
    3/23/2011 10:57:10 AM
  • Miliband might be getting laughs, but no real solutions yet
    3/23/2011 1:41:11 PM
  • Miliband: "The office for budget responsibility has already factored in every measure he's announced [and they've still downgraded growth]"
    3/23/2011 1:42:29 PM
  • Osborne is actually raising more from North Sea tax increase than he is giving back in fuel duty cuts
  • Miliband: "Yet another broken promise from the broken promise Prime Minister"
    3/23/2011 1:44:16 PM
  • It feels like Miliband is trying every soundbite in the book to criticise the Chancellor. Whether any will stick will remain to be seen.
    3/23/2011 1:44:55 PM
  • Here's the budget at a glance then
    3/23/2011 1:52:29 PM
  • Miliband also suggested in his response that Justice Secretary Ken Clarke fell asleep during the Budget speech
    3/23/2011 1:53:36 PM
  • Ed M said "It's hurting but it's not working" at the beginning, the middle and the end. That is not a structure.
  • @JohnRentoul He got you to repeat it in a tweet though ;-)
  • Ed M's response not as good as Harriet's last year. Didn't mention fuel. No analysis whatsoever.
  • George Osborne's full budget speech, as a wordle

    3/23/2011 1:59:46 PM
  • Associate Director at IPPR Will Straw tweets: OBR predicts unemployment will be 8.1% in 2012. They said 7.6% in June.
    3/23/2011 2:06:50 PM
  • Why does Ed need a plan? This shambolic government is digging it's own grave whilst Ed sits and watches and hatches a cunning plan. He'll show his hand when he needs to, he doesn't need to do anything yet!
    3/23/2011 2:08:21 PM
  • Whitehall Editor Oliver Wright's full wrap-up on the Budget is now online here.
    3/23/2011 2:14:22 PM
  • Sunder Katwala, the General Secretary of the Fabian Society tweets: Lots of micro issues - the missing ones were nothing at all on EMA replacement; nothing at all on childcare costs.
    3/23/2011 2:20:56 PM
  • Norman Lamont missed Miliband's Osborne comparison, apparently.
    3/23/2011 2:23:53 PM
  • BBC News is showing the effect of the downgraded growth forecast on the value of sterling against the dollar, which fell throughout the speech but is now rebounding partially.
    3/23/2011 2:33:49 PM
  • Ladbrokes are paying out on bets that Ken Clarke fell asleep during Osborne's budget speech - 16/1
    3/23/2011 2:35:04 PM
  • Robert Peston claims oil companies will pay an extra £1.8bn in tax this year and £2.24bn next year on their North Sea oil and gas production
    3/23/2011 2:38:33 PM
  • The Budget analysis has really begun - Channel 4's Economics Editor Faisal Islam claims on Twitter that "the Budget numbers depend on a projection for growth in the current quarter Q1, at a whopping 0.8%"
    3/23/2011 2:40:33 PM
  • The OBR has apparently confirmed this recovery will be slower than the 80s
    3/23/2011 2:45:51 PM
  • Astonishing, when you think about it, that growth for 2011 has been downgraded from 2.6% to 1.7%, & yet Osbo claims his strategy is working
  • OBR has cut employment forecasts - expects 200,000 fewer in work in 2013-14 than it did in November
  • Tweetminster have some interesting stats on Twitter use during the budget. "The average rate of posts was 3.29 tweets per second.", it claims.
    3/23/2011 2:55:35 PM
  • Liberal blog Left Foot Forward are claiming that Osborne failed to mention one key piece of bad news; that the OBR anticipates an additional 130,000 people will be unemployed in 2012.
    3/23/2011 2:57:34 PM
  • 3/23/2011 3:04:47 PM
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