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

  • Speech is under way
    3/20/2013 12:33:42 PM
  • George Osborne: "This is a Budget for people who aspire to work hard and get on."
    3/20/2013 12:33:49 PM
  • So Cameron did not confuse the deficit with immigration when he said he'd cut it by a third.
    3/20/2013 12:34:24 PM
  • Osborne: "The Government has cut the deficit by a third and helped businesses create 1.25 million new jobs"
    3/20/2013 12:34:47 PM
  • "Global race" Budget buzzword bingo. 5pts.
    3/20/2013 12:35:18 PM
  • "But is taking longer than anyone hoped, but we must hold to the right track," adds Osborne.
    3/20/2013 12:35:42 PM
  • Osborne describes today's statement as "a Budget for our aspiration nation".
    3/20/2013 12:35:59 PM
  • "Aspiration nation." Budget buzzword bingo. 5pts.
    3/20/2013 12:36:25 PM
  • PLAY BUDGET BINGO

    Key terms to expect from George Osborne today, by The Independent's Political Editor Andrew Grice:

    - Infrastructure
    - Difficult (decisions on spending cuts)
    - Course (as in sticking to the course)
    - Longer (taking longer than expected to clear the deficit)
    - Eurozone (blame someone else)
    - Healing (economy is, honestly)
    - Miracle (no miracle cure)
    - Housing
    - Childcare
    - Employment (record high)
    - Cyprus (example of what can go wrong)
    - Restraint (more needed on public spending)
    3/20/2013 12:37:03 PM
  • Office for Budget Responsibility forecast for global economic growth revised down and for world trade revised down "sharply".
    3/20/2013 12:37:28 PM
  • Speaker on his feet already. Hard to imagine a worse advertisement for British politics than this exhibition of chauvinism in Westminster
  • Osborne says the problems in Cyprus are "further evidence that the crisis is not over and the situation remains very worrying".
    3/20/2013 12:38:30 PM
  • Osborne: UK military and civil service personnel in Cyprus to be "protected in full from any tax on their deposits".
    3/20/2013 12:39:12 PM
  • “Last yr domestic demand stronger than forecast but weakness of net trade that helps account for much of GDP weakness“ #budget2013
  • Osborne: Office for Budget Responsibility output forecast reduced to 0.6% growth.
    3/20/2013 12:40:11 PM
  • "Let us not be the circus of the day." Quote of the day from Deputy Speaker Lindsay Hoyle @conorpope
    3/20/2013 12:40:12 PM
  • OBR forecasts economic growth of just 0.6% this year - halved in just 3 months. Grim snapshot of economy's weakness
  • 600k more jobs by 2015 compared with what the OBR was predicting at last year's Budget.
    3/20/2013 12:40:59 PM
  • Osborne: OBR predicts UK will avoid a second quarter of negative growth and triple dip recession.
    3/20/2013 12:41:00 PM
  • Chancellor: For every one job lost in the public sector in the last year, six jobs have been created in the private sector #Budget2013
  • Osborne: OBR revises up forecast for employment, with 600,000 more jobs expected in 2013 than this time last year.
    3/20/2013 12:41:49 PM
  • Heavy early emphasis on jobs from Osborne. Knows it's his strongest card. OBR revises employment upward #Budget
  • Osborne: OBR predicts GDP growth in 2014 of 1.8%, then 2.3% in 2015, 2.7% in 2016 and 2.8% in 2017.
    3/20/2013 12:42:30 PM
  • Speaker on his feet. Second time within 10 minutes. Alas MPs don't realise how catastrophically ugly their braying is. #Budget
  • For every job lost in the public sector, six jobs are created in the private sector, says Osborne.
    3/20/2013 12:43:37 PM
  • Osborne hailing employment figures - for every one job lost in public sector, 6 created in private #budget2013
  • Osborne: Deficit has fallen from 11.2% of GDP in 2009/10 to a forecast 7.4% this year and is expected to fall to 6.8% next year, 5.9% in 2014/15, then 5%, 3.4% and 2.2% by 2017/18.
    3/20/2013 12:44:38 PM
  • OBR predicts growth will pick up in... oh wait, this being the OBR, we can completely ignore all of their predictions. Phew. #Budget
  • Osborne: Borrowing predicted to fall from £108 billion next year to £97 billion in 2014/15, then £87 billion, £61 billion and £42 billion in following years.
    3/20/2013 12:45:25 PM
  • Something going on here. Borrowing this year may be higher than the previous year - Stella Creasy, the Labour MP, has a bet with Fraser Nelson, editor of The Spectator, to that effect. But totally unclear from what Osborne has just said.
    3/20/2013 12:45:47 PM
  • RT @MarkJLittlewood: If I put £1K on my credit card this year and £900 on it next year - am I borrowing more or less? #budget2013
  • Osborne takes swipe at calls for more borrowing - not just Labour in his sights, but Vince Cable too
    by Nigel Morris via twitter edited by Majid Mohamed 3/20/2013 12:46:14 PM
  • Now Osborne is doing the old Gordon Brown "I have received representations" routine.
    3/20/2013 12:46:19 PM
  • Difficult to believe the stupidity and economic illiteracy of what Osborne says on borrowing. Here's why: http://blogs.ft.com/martin-wolf-exchange/2012/07/25/getting-out-of-debt-by-adding-debt/?Authorised=false #Budget
  • Osborne: OBR confirms Government on course to meet fiscal mandate one year early.
    3/20/2013 12:46:56 PM
  • Tax cuts in #budget2013 will be paid for by spending cuts not borrowing more
  • Osborne: "We have a plan to cut our structural deficit and our credibility comes from sticking to the plan."
    3/20/2013 12:47:35 PM
  • Measures today fiscally neutral overall. Thought so. So everything is smoke & mirrors then.
    3/20/2013 12:47:52 PM
  • The Chancellor slashed the official growth forecast in half today as he admitted the recovery was taking "longer than anyone hoped". PA
    3/20/2013 12:48:04 PM
  • RT @paulwaugh: On my reckoning, I calculate an extra £45bn in new borrowing has been announced by Osborne today, from 13/14 to 17/18 #bu ...
  • Osborne: Public sector net debt to be 75.9% of GDP this year then 79.2%, 82.6%, 85.1%, 85.6% in following years before falling to 84.8% in 2017/18.
    3/20/2013 12:48:19 PM
  • Osborne: Proportion of national income spent by the state has fallen from 47.4% three years ago to 43.6% today and is on course to reach 40.5% by the end of the period.
    3/20/2013 12:49:17 PM
  • Measures in today's Budget will be "fiscally neutral overall," says Osborne.
    3/20/2013 12:49:39 PM
  • Osborne: Bank of England Monetary Policy Committee receives updated remit, but keeps 2% inflation target.
    3/20/2013 12:51:13 PM
  • Osborne says quantitative easing will continue.
    3/20/2013 12:51:46 PM
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