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

  • Updated remit for the Monetary Policy Cttee of Bank of England: possible use of intermediate thresholds. Wait for small print on that. By small print I mean of course Hamish McRae.
    3/20/2013 12:52:14 PM
  • Osborne says we "should all take pride" in hitting target for overseas aid spending .. We=the Tory Right
  • New remit for the Bank of England's monetary policy committee is being published.
    3/20/2013 12:52:55 PM
  • Osborne: Whitehall department budgets to be cut by 1% after £11 billion underspend this year, with protection for schools and health.
    3/20/2013 12:53:10 PM
  • Lord Mandelson is watching from peers gallery. I've just realised we have same glasses. Yikes #budget2013
  • @patmcfaddenmp What Chancellor is really saying is "Help, Dr Carney. My growth strategy isn't working".
    3/20/2013 12:53:21 PM
  • Chancellor seeks £11.5 billion savings in spending review for 2015/16, up from previously announced £10 billion.
    3/20/2013 12:54:03 PM
  • Osborne announces extra £1.5bn of cuts planned for 2015/16 - in addition to the £10bn target already announced. Lots of post-election pain..
  • Osborne: Public sector pay cap of 1% extended by one year in 2015/16.
    3/20/2013 12:54:35 PM
  • "Substantial savings" to be found in annual progression pay rises in parts of public sector, says Osborne.
    3/20/2013 12:55:22 PM
  • Forces to be exempt from progression pay. Extra cash from Libor fines to go to combat stress in forces + Xmas boxes. Hear, hear #budget2013
  • Osborne: Military to receive full recommended increase in "X-Factor" payment in May and to be exempted from changes to progression pay.
    3/20/2013 12:56:28 PM
  • Money from Libor fines gone to military charitable causes. Osborne.
    3/20/2013 12:56:52 PM
  • Osborne: European budget deal secured by Cameron "saved the UK £3.5 billion ", according to OBR.
    3/20/2013 12:57:29 PM
  • Osborne: New limit to be introduced on "annually managed expenditure", which includes welfare budget, debt interest and payments to EU.
    3/20/2013 12:58:11 PM
  • Every Budget + Autumn Statement I've sat thru since 2001, Labour + Tory, mentions faster broadband #budget2013
  • "European Budget Deal, lead by the Prime Minister and agreed by the EU has saved Britain over £3.5bn." Hasn't come into effect yet! And Osborne doesn't say over what period the savings have been or will be made.
    3/20/2013 12:59:22 PM
  • Osborne: Infrastructure plans to be boosted by £3 billion a year from 2015/16, a total of £15 billion over the next decade.
    3/20/2013 12:59:41 PM
  • The chancellor says the UK is building the most competitive tax system in the world.
    3/20/2013 1:00:14 PM
  • Osborne backs Heseltine as predicted - regional enterprise pots of cash. Also good move #budget2013

    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 1:01:30 PM
  • 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
Powered by ScribbleLive Content Marketing Software Platform
Latest stories from i100
Career Services
Independent Travel
Pompeii, Capri & the Bay of Naples
Seven Cities of Italy
Burgundy, the River Rhone & Provence
Prague, Budapest and Vienna
Lake Garda
Minoan Crete and Santorini
Prices correct as of 15 May 2015