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: 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
  • Pause, Mr Osborne. Pause. Hard work listening to this.
    3/20/2013 1:20:12 PM
  • NEWS Osborne: September's planned fuel duty rise has been scrapped.
    3/20/2013 1:20:26 PM
  • 3p/litre fuel duty rise planned for Sept scrapped - triumph for @halfon4harlowMP who has campaigned hard on this
  • Vauxhall Astra and Ford Focus. Product placement in the Budget now.
    3/20/2013 1:21:14 PM
  • Fuel duty Sept cancelled. Beer duty escalator cancelled and also "penny off the pint" #budget2013
  • NEWS Osborne: Planned 3p rise in beer duty tax scrapped and replaced by a 1p cut in duty on a pint of beer. Beer duty escalator scrapped, but planned rises for all other alcohol duties maintained.
    3/20/2013 1:21:54 PM
  • Beer duty escalator scrapped --- and beer duty cut by 1p "a penny off a pint"
  • A penny off the pint. #Osbornomics #Budget
  • This "penny off a pint" is desperate stuff; partly explains why Cameron ditched minimum alcohol pricing - Govt wants to be seen on the side of low-income drinkers.
    3/20/2013 1:23:07 PM
  • £10k income tax threshold to come into effect next year - as revealed today by @Independent
    ind.pn
  • Confirms income tax threshold £10k brought forward to 2014. And 10p rate scrapped also confirmed #budget2013
  • And Osborne gets the biggest cheer of the day from Tory backbenchers... FOR ANNOUNCING A LIB DEM POLICY. #10Ktax #Budget
  • BREAKING NEWS Osborne: Rise in personal allowance brought forward to 2014, meaning no income tax on the first £10,000 of earnings. Raising income tax threshold will mean means '£700' less paid by working families.
    3/20/2013 1:24:48 PM
  • Damian McBride ‏@DPMcBride, Gordon Brown's former spin doctor: I don't get how he's able to cut beer duty and raise wine duty - they're pegged together in law (EU rules, etc.).
    3/20/2013 1:25:19 PM
  • NEWS Osborne: New Employment Allowance will take the first £2,000 off the employer National Insurance bill of every company in the country. Around 450,000 small businesses - one third of all employers - will pay no employer National Insurance at all after introduction of Employment Allowance in
    April next year.
    3/20/2013 1:26:09 PM
  • Big cut in business NI costs - first £2000 of employer NI scrapped
    3/20/2013 1:26:17 PM
  • Another huge boost to small businesses, charities, community sports clubs with first £2k off employee nics #budget2013
  • So what taxes are going up to pay for these baubles?
    3/20/2013 1:26:35 PM
  • #Budget Raising the income tax threshold to £10k benefits the rich more than the poor. Somebody tell the Chancellor: http://pbs.twimg.com/media/BFyf0QuCUAAQZFw.jpg

  • Biggest surprise: Osborne takes first £2k off employers' NI bill. Calls it a "tax off jobs".
  • Ach! Osborne totally fluffed his "And I commend this Budget to the House" bit. #Budget
  • Osborne: "This is a Budget that doesn't duck our nations problems. It confronts them head on. It's a Budget for an aspiration nation."

    Describing the statement as a Budget for "a Britain that wants to be prosperous, solvent and free", the Chancellor finishes at 13.26pm.
    3/20/2013 1:28:21 PM
  • Osborne nearly forgot to commend his Budget to the House. Nearly sat down with a "Thank you."
    3/20/2013 1:28:28 PM
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