Budget 2016 - live
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And as you can see from the video below, George Osborne has arrived after a very short drive at the Commons.3/16/2016 11:28:28 AM -
.@David_Cameron told Cabinet: "This is a pro-enterprise, pro-infrastructure, pro-devolution #budget."by Andrew Woodcock via twitter 3/16/2016 11:34:10 AM -
.@David_Cameron told Cabinet this #budget "fully lives up to what this government is all about - transformation."by Andrew Woodcock via twitter 3/16/2016 11:34:10 AM
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by simon read via twitter 3/16/2016 11:38:47 AM -
We're getting some more details on what to expect from George Osborne from the daily briefing from Number 10 now.
The Chancellor will promise action now to ensure the country does not "pay later", a grim warning about economic uncertainty that will cast its shadow over the whole Budget.
Osborne is expected to say that, although the UK's economy is "strong", the "storm clouds are gathering again".
Mr Osborne briefed the Cabinet on his statement, telling ministers that it delivered on the Government's manifesto commitments while making sure the UK was well-prepared to deal "turbulent times" in the global economy.
The Prime Minister's official spokeswoman said his comments were met with the usual banging on the table - a traditional sign of approval.
David Cameron wrapped up the meeting, saying: "This is a pro-enterprise, pro-infrastructure, pro-devolution Budget that fully lives up to what this Government is all about - transformation."3/16/2016 11:39:33 AM -
Jeremy Corbyn was filmed a short while ago leaving his home, where he remained tight-lipped as usual.
His is the toughest job in politics today - as is tradition, he and not shadow Chancellor John McDonnell will answer the Budget, having been given the most minimal preview imaginable.
Matthew Norman has written for us on why Corbyn is doomed before he even opens his mouth.3/16/2016 11:42:50 AM -
Corbyn’s post-Budget response is doomed before he starts to speak
The IndependentAs he prepares for the scariest ordeal in domestic politics, our task is to console Jeremy Corbyn. That good and gentle man must shortly give an instant, semi-off-the-cuff response to the Budget, and he’ll need every ounce of encouragement we can feed him.3/16/2016 11:42:54 AM -
Osborne has just stepped up. He said the deficit is down by two-thirds and on course for a budget surplus - not everyone would agree with that."On course for a surplus." Looking forward to seeing the numbers for that one.12:36 PM - 16 Mar 2016- Reply
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3/16/2016 12:35:28 PM -
Cocktail of risks? That's the rum, whisky, vodka one, ain't it? #Budget2016by simon read via twitter 3/16/2016 12:36:38 PM
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Osborne said the British economy is growing - but it's growing slower than he expected it to.He said that Britain is not immune to cycles of boom and bust, and that the UK must choose to put stability first.In this budget, we choose to put the next generation first. We choose lower taxes on business, he said.3/16/2016 12:37:17 PM
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Osborne said he wants to make sure working people can keep more of the money they earn.3/16/2016 12:38:11 PM
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Global growth outlook "materially weaker" according to OBR #Budget2016by Ben Chu via twitter 3/16/2016 12:38:36 PM -
Like pretty much every other parliamentary democracy. twitter.com/xtophercook/st… -
Major downgrades to UK GDP growth forecast by OBR over next five years #budget2016 http://pbs.twimg.com/media/Cdq5azHXIAAN_kq.jpg
by Ben Chu via twitter 3/16/2016 12:42:20 PM -
Significant downgrades in GDP growth rates over next five years from OBR #Budget2016 http://pbs.twimg.com/media/Cdq5rKuWoAAHXKO.jpg
by Ben Chu via twitter 3/16/2016 12:43:29 PM -
Why is Osborne boasting about debt? He has "dealt with the debt" in the way that George Best dealt with the drink http://pbs.twimg.com/media/Cdq5gy_W0AAK8f6.jpg
by frasernelson via twitter retweeted by simonnread 3/16/2016 12:44:03 PM -
Osborne has given a warning on Brexit, using the OBR’s statements
to say that there’s a consensus that a vote to leave would result in
uncertainty.“The house knows my view,” Osborne says. “The UK will be
safer in the EU.”3/16/2016 12:44:35 PM -
...fact GDP growth not revised up in later years of Parliament in response to near term downgrade reflects downgrade in potential GDP growthby Ben Chu via twitter 3/16/2016 12:44:40 PM
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Osborne is celebrating his jobs figures from this morning, which show the lowest number of people out of work since 1974.3/16/2016 12:45:37 PM
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Growth revised down, productivity revised down, wage growth and revenues certain to follow. This is the long-term economic plan? #Budget2016by Jo Michell via twitter 3/16/2016 12:45:53 PM -
by Brendan O'Hara MP via twitter retweeted by simonnread 3/16/2016 12:46:57 PM -
Inflation is expected to be lower. Osborne has said the target inflation rate is still 2%."In this budget we act now so we don't pay later," he says.3/16/2016 12:47:05 PM
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Osborne said that he's about to publish a report that shows that without Conservative policies, public borrowing would have spiralled. "We would have been one of the worst prepared economies," he says.Osborne cites "new research" saying without 2010 cuts national debt would be £930bn higher. Doesn't say who by/assumptions #Budget201612:48 PM - 16 Mar 2016
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"The security of Britain relies on it spending within its means," Osborne says.3/16/2016 12:48:29 PM -
Additional spending cuts by 2019-20 confirmed by Osborne at £3.5bn (slightly less than widespread £4bn assumption) #budget2016by Ben Chu via twitter 3/16/2016 12:50:14 PM
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Osborne is spending a lot of time defending his policies of cutting public spending. He said the aim is to save £3.5bn before 2020.3/16/2016 12:50:35 PM
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Second mention of the Budget for the next generation."We will not burden our children and grandchildren," Osborne says.Budget for next gen? Must include lower student debt, job creation, invest in green industries & housing #Budget2016 https://t.co/hmcPtEsyuM12:39 PM - 16 Mar 2016
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3/16/2016 12:52:01 PM -
Budget for the next generation? Now got this earworm from the B52s... youtube.com/watch?v=VvCng7…by simon read via twitter 3/16/2016 12:53:57 PM
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Osborne is talking about his forecasts for the deficit. He said sustained action means the deficit will be just 2.9 per cent of GDP next year.There has been concern that we would lose our surplus, he says. But because they have acted, the surplus will rise.Sound the next generation klaxon. "We put the next generation first," Osborne says. That's three times.3/16/2016 12:54:45 PM
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Judging by my timeline Osborne is fooling basically nobody by citing cash-terms figures to disguise missing his debt target #budget2016by Jon Stone via twitter 3/16/2016 12:54:48 PM -
Osborne still on course to hit main fiscal mandate target of budget surplus in 2019-20 #budget2016 : http://pbs.twimg.com/media/Cdq8kP2XEAANkfA.jpg
by Ben Chu via twitter 3/16/2016 12:56:05 PM -
Osborne repeats Country must live within its means yet is complacent about unprecedented levels of household debt #Budget2016by Yvonne Fovargue via twitter retweeted by simonnread 3/16/2016 12:56:32 PM -
Tax evasion measures are expected to raise £12bn before 2020, Osborne said. He takes shots at the Labour party for leaving loopholes for the richest to exploit.Child and pensioner policy is down, inequality is down that gender pay gap is smaller, Osborne said.This year the richest 1% paid 28% of income tax revenue, he said. That's higher than the last year of Labour government, he claims.3/16/2016 12:57:06 PM
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...but note big overshoots in yrs up to 19/20 implies big spending cuts/tax rises pencilled in for that final year http://pbs.twimg.com/media/Cdq9DIAWAAA7SWW.jpg
by Ben Chu via twitter 3/16/2016 12:58:12 PM -
Looks like there's a new earworm coming... youtube.com/watch?v=Z8H0xt… (h/t @Dukenfield )by simon read via twitter 3/16/2016 12:58:34 PM
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Osborne announces increases in flood defences, paying for it by increasing the premium rate insurance tax by half a per cent.3/16/2016 1:18:49 PM
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Osborne announces £700m boost to flood defences #budget2016 Not long ago ministers were insisting this was enough: http://pbs.twimg.com/media/CdrByvfW0AEnTYR.jpg
by Ben Chu via twitter 3/16/2016 1:18:55 PM -
Developers have already expressed delight that Crossrail 2 is going ahead:
Dan Labbad, CEO of Lendlease, which is developing a number of huge business projects in London, commented:
We’re delighted that the Government is pressing ahead with plans to build Crossrail 2. This project isn’t just a vital measure to keep the capital connected, but it has the potential to unlock up to 200,000 homes, helping to tackle London’s housing crisis.
3/16/2016 1:20:12 PM -
"Today we're going to complete the task of setting schools free from Local Authorities," Osborne says.There's that commitment to turning all schools into academies that was expected.3/16/2016 1:21:21 PM
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All schools are to be forced to become academies whether parents like it or not
The IndependentThe Government will announce legislation to turn every school in England into an academy, it has been reported. The Guardian newspaper says George Osborne will unveil the concrete plan at Wednesday’s Budget. Last summer, David Cameron laid out his vision for every school to become an academy by 2020.3/16/2016 1:21:25 PM -
George Osborne says government will look at forcing all students to take maths to 18by Jon Stone via twitter 3/16/2016 1:21:59 PM
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Osborne promising to put the next generation first again.He starts reeling off obesity stats in the UK. One of the biggest contributors to childhood obesity is sugary drinks, he says. Robinsons, Sainsbury's, Tesco and others have reduced the amount of sugar in their drinks.We will introduce a new sugar levy on the soft drinks industry, levied on the companies in two years to give companies time.There will be two bands, pure fruit juices and milk to be excluded and the smallest companies will be exempt.A sugar levy on the soft drinks industry - two bands @ 5g/100ml and 8g/100ml - raises £520m #budget20161:24 PM - 16 Mar 2016
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Low sugar and no sugar brands will still be able to advertise."Some may choose to pass the price onto consumers, which will have an effect on consumers too," he says.£520 million expected to be raised - that money will be used to double the amount of funding going into sport.3/16/2016 1:25:19 PM -
George Osborne says new sugar tax will raise £520 million, money will be spent on funding for school sport #Budget2016by Jon Stone via twitter 3/16/2016 1:25:50 PM
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£12 million from the tampon tax to be donated to women's causes, Osborne says.3/16/2016 1:27:29 PM
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