Budget 2012 - as it happened
This live blog is now closed. See the information, analysis, reaction and updates on Budget Day 2012 as it unfolded, here.
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Did Cameron just say transition is a process?by ChrisBryantMP via twitter 3/21/2012 12:12:15 PM -
No! Cameron used transition as a verb (a transitive one, possibly). #pmqs #bannedlist #pedantryby JohnRentoul via twitter 3/21/2012 12:12:29 PM -
RT @GuidoFawkes Don't forgot to play Budget Bingo at half past: t.co >> Don't do that, do this: t.coby JohnRentoul via twitter 3/21/2012 12:13:25 PM -
Check through the "What we can expect to see from the Budget" forecast from Oliver Wright, Whitehall editor. ind.pn -

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Interesting suggestion: Could Cameron's attack on Ken's tax status be a precursor to closing that loophole in #budget2012by oliver_wright via twitter 3/21/2012 12:25:13 PM -
Maybe Cameron knows the cost of a dozen oysters but not a bus fare on oyster?by ChrisBryantMP via twitter 3/21/2012 12:25:56 PM -

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After this Budget the very rich will be paying more in tax, Cameron claims. We await the post Budget calculations #Budget2012by Andy McSmith via twitter 3/21/2012 12:27:16 PM -

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Haha: cameron has dig at bercow - calling it a "kaleidoscope budget" #pmqs #budget2012by Jane Merrick via twitter 3/21/2012 12:32:33 PM -
Tory MPs start early trying to claim credit for Lib Dem policy of removing people earning under 9k from tax #budget2012by oliver_wright via twitter 3/21/2012 12:32:54 PM -
Osborne: this budget helps working families - but is he doing anything about working tax credit cuts? #budget2012by Jane Merrick via twitter 3/21/2012 12:33:39 PM -
Looks like 'work' and working families' is gonna win #budgetbingoby Paul Waugh via twitter 3/21/2012 12:34:12 PM -

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No serious observer of British politics could doubt that Osborne is the worst-dressed Chancellor in History. Appalling tie again #Budgetby amol rajan via twitter 3/21/2012 12:37:38 PM -

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Osborne: I will lift millions out of income tax system altogether and the wealthy will pay more #Budgetby TimMontgomerie via twitter 3/21/2012 12:39:21 PM -
OBR revising up growth forecast to 0.8 this year, followed by 2pc, 2.7pc, 3pc, 3pc #budget2012by Jane Merrick via twitter 3/21/2012 12:39:47 PM -

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This graph from The Spectator's @pete_hoskin shows what the OBR think is going to happen to UK growth. The bars furthest to the right will be the basis of the Tory pitch to voters in 2015:
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Share of national income taken by the state will fall from 48 per cent in 2010 to 43 per cent #budget2012by oliver_wright via twitter 3/21/2012 12:40:34 PM -
Osborne "We must stick to the course so there will be no deficit funds giveaways today" #Budget2012by Matt Chorley via twitter 3/21/2012 12:40:48 PM -
OBR upgrades growth forecast for 2012 - 0.7% to 0.8%. But downgrades 2013 - 2.1% to 2%.by BenChu_ via twitter 3/21/2012 12:41:05 PM -

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#budget2012 Osb insists "will not waver" from paying down debtsby Nigel Morris via twitter 3/21/2012 12:42:01 PM -

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Osborne confirms this will be a fiscally neutral budget. (ie) All tax cuts will have to be paid for by tax rises. #budget2012by oliver_wright via twitter 3/21/2012 12:42:48 PM -
Osborne's claim that there has been "determined opposition" from those who defend "unlimited welfare" is, if directed at Labour, a straight lie. Even those on the left-fringes of Labour agree that limits should be placed on welfare. Cheap shot, but effective - and proof that Labour has played an exceptionally poor hand against Iain Duncan Smith's welfare reforms, which the public supports. -
Welfare spending: will rise to 1/3 of all public spending. Publishing analysis showing £10bn in spending cuts needed by 2015 #budget2012by Jane Merrick via twitter 3/21/2012 12:43:48 PM -

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RT @SnoozeInBrief: Osborne will boost Britain’s creative industries by pretending to listen to them for half an hour. #budgetby JohnRentoul via twitter 3/21/2012 12:44:55 PM -

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Osborne: Welfare budget is set to rise to a third of overall public spending. Needs to be addressed.by RyanShorthouse via twitter 3/21/2012 12:45:24 PM -
An early opportunity for the Chancellor's critics: he said that £11bn will be spent to "pay down debt". No it won't. It will be used to reduce the deficit. National debt continues to rise. Extraordinary, really, that the Chancellor should conflate debt and the deficit - and get away with it! -
Small surprise - Automatic review of the state pension so it keeps up with people living longer #budget2012by oliver_wright via twitter 3/21/2012 12:45:35 PM -

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100pc council tax relief for our boys #budget2012by Jane Merrick via twitter 3/21/2012 12:46:01 PM -
“A simpler tax system, that is more competitive for business and lifts lowest paid out of tax altogether” #Budget2012 #Budgetby HM Treasury via twitter 3/21/2012 12:46:23 PM
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