Budget 2013 Live Blog - as it happened - Live coverage - The Independent

Budget 2013 Live Blog - as it happened

News, analysis and reaction from Chancellor George Osborne's statement

  • Osborne: New Support for small firms through Government procurement budgets, growth vouchers and controls on regulators' charges.
    3/20/2013 1:02:05 PM
  • Shale gas field allowance - one for his father-in-law #budget2013
  • Osborne: The Government intends to take forward two major carbon capture and storage projects and offer new tax incentives for manufacture of ultra low emission vehicles.
    3/20/2013 1:03:43 PM
  • Tax breaks for shale gas announced - "it's part of the future and we will make it happen". LibDem energy secretary Ed Davey wont be thrilled
  • Osborne: Generous new tax regime to promote early investment in shale gas.
    3/20/2013 1:04:08 PM
  • After a picture of the front page of the Evening Standard was sent out in error, the Labour front bench has been speed-reading. Ed Balls was told off by the deputy speaker for waving a copy of it at Osborne.
    A statement from the editor of the Standard, Sarah Sands:
    An investigation is immediately underway into how this front page was made public and the individual who Tweeted the page has been suspended while this takes place. We have immediately reviewed our procedures. We are devastated that an embargo was breached and offer our heartfelt apologies.
    3/20/2013 1:04:10 PM
  • "Shale gas is part of the future and we will make it happen." Osborne. Green Ed Davey, Energy and Climate Change Secretary, nodding ostentatiously.
    3/20/2013 1:04:29 PM
  • Osborne: Fines imposed over the Libor banking scandal will be invested in the military.
    3/20/2013 1:04:58 PM
  • Osborne: Capital Gains Tax holiday to be extended.
    3/20/2013 1:05:17 PM
  • Tax relief for season tickets and social enterprise. big boost for small businesses. And those who want to "get on" of course! #budget2013
  • Chancellor announces new tax reliefs for the creative industries.
    3/20/2013 1:06:11 PM
  • Osborne: Help for employees includes more generous shareholder status, CGT relief for sales of business to workers, tax help to return to help after sickness and a doubling to £10,000 for tax free loans for commuters' season tickets.
    3/20/2013 1:06:35 PM
  • I may have been distracted, but George Osborne hasn't said much yet, has he?
    3/20/2013 1:06:54 PM
  • Osborne: Above the line research and development credit raised to 10%.
    3/20/2013 1:07:01 PM
  • Corp tax to be cut in 2015 to 20p "the lowest business rate of any major economy in the world"
  • Osborne: Abolition of stamp duty on shares traded on growth markets like AIM.
    3/20/2013 1:07:36 PM
  • Corporation tax cut by another one per cent to 20pc #budget2013
  • Osborne: Corporation tax reduced by a further 1% to 20% in April 2015 - "the lowest business tax of any major economy in the world".
    3/20/2013 1:08:32 PM
  • Osborne: Small company and main rates of corporation tax to be merged at 20p.
    3/20/2013 1:08:47 PM
  • Osborne: Bank levy rate to increase to 0.142% next year to off-set reductions in corporate tax.
    3/20/2013 1:09:43 PM
  • And now we move to the annual Budget promise - whoever Chancellor is - to crack down on aggressive tax avoidance
  • "Inconvenient truth." Budget cliche bingo.
    3/20/2013 1:10:14 PM
  • Osborne: "Britain is open for business."
    3/20/2013 1:10:15 PM
  • Osborne: Too many people were allowed to get away with tax avoidance.
    3/20/2013 1:10:55 PM
  • Osborne: Large new package of measures on tax avoidance and evasion to bring in £3 billion in unpaid taxes.
    3/20/2013 1:11:08 PM
  • As unveiled yesterday, 20pc off cost of childcare for each child. From 2015 #budget2013
  • @SnoozeInBrief (Tom Freeman) "The rich will pay a greater proportion of tax…" Osborne boasts about effects of Labour's income tax and NI rises in 2010, which he opposed.
    3/20/2013 1:11:56 PM
  • RT @Simon_Nixon: The more companies refuse to spend, the more Osborne offers them tax relief. Why not tax companies and cut tax for midd ...
  • Osborne's delivery dreadful. Galloped straight from childcare to pensions. Voice going. Head down.
    3/20/2013 1:12:56 PM
  • Osborne: Tax free child care vouchers worth £1,200 per child and increased support for families with children on universal credit.
    3/20/2013 1:12:56 PM
  • RT @PickardJE: New pension to be worth "144 pounds a year" - osborne must mean a week, surely?
  • David Aaronovitch ‏@DAaronovitch The gloom I feel listening to George is only to be matched by the gloom I will feel listening to Ed.
    3/20/2013 1:13:18 PM
  • NEWS Osborne: Flat rate pension worth £144 a week to be brought forward to 2016.
    3/20/2013 1:13:19 PM
  • Government will name and shame companies who promote themselves as tax avoiders, says Osborne.
    3/20/2013 1:14:20 PM
  • Osborne: Extra money is to made available for Equitable Life policy holders. Extended to those who bought with-profits annuities before 1992, with payments of £5,000 and extra £5,000 for those on lowest incomes.
    3/20/2013 1:14:48 PM
  • Osborne: New tax avoidance agreements with tax havens like Jersey.
    3/20/2013 1:15:38 PM
  • Cuts in corporation tax again ... unhelpful when most small businesses don't make enough to pay it! Little real help for the economy!
    3/20/2013 1:15:50 PM
  • BREAKING NEWS Osborne: Cap-on social care costs to come in in 2017 and protect savings above £72,000, with the threshold for means tested help raised from £23,000 to £118,000.
    3/20/2013 1:15:56 PM
  • Total borrowing is up by an extra £61bn. Forecast for borrowing is £108bn next yr, then £97bn, £87bn, £61bn, £42bn #Budget
  • £3.5bn for shared equity "Help to Buy" - Govt gives 20pc to *all* buyers on new homes if you have 5pc for deposit, homes less than £600k
  • NEWS Osborne: New Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house. New mortgage guarantee, sufficient to support £130 billion worth of loans, to help people who cannot afford a big deposit.
    3/20/2013 1:17:41 PM
  • RT @ToryTreasury: Radical new 3 year Mortgage Guarantee from April 2014 for 80%-95% mortgages - reducing the cost of £130bn of mortgage ...
  • Now Osborne is offering "help" to more 1st-time homebuyers that cannot defy laws of supply & demand: will just raise house prices.
    3/20/2013 1:17:56 PM
  • £3.5bn extra to home-buyers to kick-start housing market ... Osborne describes moves as "dramatic". Not hyperbole
  • £130bn-worth of mortgages backed by the Govt for three years from 2014? Madness. Higher house prices. Higher house prices is all. Utterly ignorant economics.
    3/20/2013 1:18:49 PM
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