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

  • Thank for for reading The Independent’s Budget 2013 Live Blog.

    The 2013 Budget at a glance - key points from George Osborne's statement: ind.pn
    3/20/2013 10:15:35 AM
  • How much is that employers' National Insurance cut actually worth? Anyone?
    3/20/2013 1:28:42 PM
  • "We are on your side," Osborne tells country #budget2013
  • Response from Labour leader Ed Miliband on the way...
    3/20/2013 1:30:12 PM
  • Ed Miliband spoke for about 30 seconds before the Deputy Speaker intervened to calm the shouting #Budget2013
  • Labour leader Ed Miliband responding to the Budget: "This is the Chancellor's fourth Budget but one thing unites them all - every Budget, he comes to this House and things are worse not better for this country."
    3/20/2013 1:31:48 PM
  • Deputy Speaker says he cannot understand an opposition that does not want to hear its leader.
    3/20/2013 1:32:57 PM
  • Ed Miliband "a down traded budget from a down traded Chancellor" #Budget2012
  • RT @Markfergusonuk: Lindsay Hoyle is having a cracking Budget
  • Ed Miliband appallingly weak jokes in his response, repeating stuff about Osborne being booed at the Paralympics and upgrading his train ticket.
    3/20/2013 1:34:45 PM
  • Ok some rather good lines from Miliband here. Don't know who he's hired but they're better than what he had before. #Budget
  • Osborne is "the wrong man in the wrong place" to fix the country, says Labour leader Ed Miliband.
    3/20/2013 1:36:02 PM
  • "The PM says from a sedentary position, 'borrow more'. You *are* borrowing more!" Ed Miliband.
    3/20/2013 1:36:55 PM
  • Ed Miliband says the OBR has confirmed people will be worse off in 2015 than they were in 2010... so public will be worse off than they were under Labour.
    3/20/2013 1:37:47 PM
  • Lots of pointing and head shaking on the Tory front bench as Ed Mili speaks. Cameron clutching his brow. Cable immobile #Budget2013
  • This is very strong stuff from Miliband - and believe me, I ain't a Labour member. Some good lines, confident delivery, and clear argument
  • Ed Miliband points out that the chancellor failed to mention the downgrade of the UK's top sovereign debt rating by the Moody's agency.
    3/20/2013 1:38:32 PM
  • RT @BenChu_1m Did Vince Cable just oull down Philip Hammond's arm? #budget >>> he did! he did! quite a moment
  • "The Bullingdon boys are both in it together." Ed Miliband.
    3/20/2013 1:39:13 PM
  • RT @BenChu_ Did Vince Cable just oull down Philip Hammond's arm? #budget >>> he did! he did! quite a moment
  • The Campaign for Real Ale is drunk with joy: "a momentous day for beer drinkers" #budget2013
  • Labour leader Ed Miliband attacked a "more of the same" Budget from "downgraded Chancellor" George Osborne.

    He seized on growth forecasts from the Office for Budget Responsibility which had been slashed from 1.2% this year to 0.6% and said "Britain deserves better" than it was getting from the coalition Government.

    "Every Budget he comes to this House and things are worse, not better for this country," Mr Miliband said.

    "Compared to last year's Budget: growth last year down, growth this year down, growth next year down, growth in 2015 down.

    "All he offers is more of the same: higher borrowing, lower growth ... a more of the same Budget from a downgraded Chancellor."(PA)
    3/20/2013 1:45:20 PM
  • Chart 2i here shows how coalition budgets have hit poor (1¼%) and rich (1¾%) hardest cdn.hm-treasury.gov.uk
    3/20/2013 1:50:46 PM
  • See comment below.

    3/20/2013 1:51:10 PM
  • The employers' NI cut is not worth £2,000 a year; the allowance is increased by £2k, saving ?£150 per employee.
    3/20/2013 1:53:22 PM
  • RT @BenChu_: ....pretty clear Osborne desperately slashing in-year department spending to save embarrassment of headline YoY borrowing r ...
  • What happens if house prices go down and someone can no longer pay the mortgage so has to sell? Prsumably the govt will be the last in the queue behind the bank to get their money back.
    3/20/2013 2:12:31 PM
  • Unite general secretary Len McCluskey said: "This is a Budget for the few by the few that attacks the many.

    "Millionaires are days away from getting a £40,000 tax cut from the Tories, but George Osborne is using the Budget to attack hard-working public sector workers.

    "The worst Chancellor in British history has gone further by giving big business another tax cut while staff caring for the sick get pay cuts. This Chancellor's idea of aspiration is a warped one.

    "Nurses, police and public servants take a pay hit, while corporations and millionaires are allowed to duck their tax duties to the nation." (PA)
    3/20/2013 2:14:09 PM
  • The NHS has not been exempt from the financial pressures facing the rest of the public sector - despite having a ring-fenced budget, leading doctors have said.

    The British Medical Association welcomed the Chancellor's confirmation that health service funding would continue to be protected.

    But it warned that jobs were still being cut and services were being rationed during the health service's productivity drive.

    The health service has been charged with making £20 billion in efficiency savings by 2015.(PA)
    3/20/2013 2:19:17 PM
  • Great news with the Seed Enterprise Investment Scheme (www.seis.co.uk) CGT relief being extended
    3/20/2013 2:19:24 PM
  • Su Maddock argues:

    "Reduction of corporation tax doesn't represent a strategy for the whole of the country, and for growing business and infrastructure. It focuses purely on individual companies. Corporation tax reductions speak the language of the markets."
    3/20/2013 2:19:31 PM
  • The 2013 Budget at a glance - key points from George Osborne's statement: ind.pn
    3/20/2013 2:41:06 PM
  • Chancellor George Osborne's announcement that the schools budget will continue to be ringfenced was "somewhat misleading", headteachers have said.

    The protection only applies to schooling up to the age of 16, and excludes education for 16 to 19-year-olds, according to the Association of School and College Leaders (ASCL).

    They warned that post-16 education is already being "seriously squeezed", with sixth-forms and colleges forced to cut courses.

    In his speech today, Mr Osborne said: "The schools and health budgets will remain protected." PA
    3/20/2013 2:58:18 PM
  • Ismail Erturk, senior lecturer in banking at Manchester Business School, says: “This Budget won’t generate growth because tax rate is already low. Businesses actually needed confidence that the economy will grow. The current low interest rates should be enough but they aren’t sufficient and businesses need confidence.

    “We still have a dysfunctional banking system such as the state ownership of RBS, which the government doesn’t have a plan to exit. The blind reliance on unconventional bank policies that the Chancellor advocated is dangerous. This has been done in the US and hasn’t helped to generate jobs. Central bank governors are not unanimous about these unconventional policies, which is a big mistake.”
    3/20/2013 2:58:46 PM
  • Controversial "fracking" won backing from the Government today with promises of a generous new tax regime for extracting shale gas.

    Chancellor George Osborne said "shale gas is part of the future and we will make it happen" as he unveiled measures to support the new industry, including field allowances to promote early investment in the sector.

    Shale gas is exploited through drilling into rock and fracturing it with high pressure liquid to extract the gas, in a process known as fracking.

    Supporters say shale gas production in the UK could provide a cheap, secure source of energy, but opponents are worried about the possibility of earthquakes and water pollution caused by fracking. PA
    3/20/2013 2:59:35 PM
  • George Osborne on TV screens during the Budget speech at a John Lewis store in Solihull, West Midlands. Rui Vieira/PA Wire

    3/20/2013 3:09:09 PM
  • Tomorrow's @independent editorial on #Leveson/Royal Charter is live: http://www.independent.co.uk/voices/editorials/editorial-rights-and-wrongs-of-a-royal-charter-8542261.html cc: @arusbridger @iankatz1000 @BarberLionel
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