Budget 2012 - as it happened - Live coverage - The Independent

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.

  • £100 million of support for new university science research facilities.
    3/21/2012 12:59:13 PM
  • plug for #Birdsong and #WallaceandGromit. goodness me. fame at last for Nick Park and Sebastian Faulks. long overdue, of course. #Budget2012
  • Chancellor George Osborne addressing a packed House of Parliament. Picture credit: PA

    3/21/2012 12:59:42 PM
  • Tax credit to be introduced for video games, animation and high end TV industries.
    3/21/2012 12:59:45 PM
  • Funding for ultra-fast broadband and wi-fi in ten of the UK largest cities.
    3/21/2012 1:00:08 PM
  • Lord Heseltine to review how departments can work better with the private sector on economic development.
    3/21/2012 1:00:59 PM
  • Overhaul of planning regulation will cut guidance from 1,000 to 50 pages and introduce "presumption in favour of sustainable development".
    3/21/2012 1:01:18 PM
  • Government looking to see whether to make public sector pay more responsive to local pay rates #Budget2012 #Budget
  • "You can't earn your future if you can't get planning permission" - yes, but some people want to build monstrosities #budget2012
  • Hezza returns! Long overdue of course #Budget2012
  • What does Michael Heseltine know about stop-frame animation? #budget2012 (Might have lapsed concentration for that bit.)
  • Osborne confirms that Sunday trading laws are to be relaxed for eight weeks around Olympics, starting on July 22.
    3/21/2012 1:02:20 PM
  • A man wears a mask at a demonstration against the Budget in central London. Picture credit: Getty

    3/21/2012 1:02:28 PM
  • The Wallace and Gromit budget - if only it were animated.
    by ChrisBryantMP via twitter edited by The Independent 3/21/2012 1:02:42 PM
  • The Government is considering enterprise loans for young people to start their own business.
    3/21/2012 1:03:06 PM
  • Osborne on job creation

    3/21/2012 1:04:12 PM
  • The Government is publishing independent review on local pay rates for public sector, with some departments given the option to move to local pay for civil servants whose freeze ends this year.
    3/21/2012 1:04:42 PM
  • Osborne said "we can't cut ourselves off from the fastest growing cities in the world". As @michaelsavage of The Times tweets: "Prob is Transport Sec is VERY anti Heathrow expansion". U-turn in store for Justine Greening, perhaps.
    3/21/2012 1:04:48 PM
  • Consultation on simplifying tax for small firms with a turnover of up to £77,000.
    3/21/2012 1:04:52 PM
  • Plans published today to remove VAT loopholes and anomalies, but will keep exemptions for food, children's clothes, books and newspapers.
    3/21/2012 1:05:43 PM
  • Good news for small firms: taxes to be simplified #budget2012
  • #budget2012 Commons holds breath as O turns to tax
  • Adam Smith's 4 tax principles (simple, predictable, support work, and be fair) get a hearing. Good. Smith was right then, and is right now.
  • Osborne says sports nutrition drinks and supermarket hot food will be charged VAT. #budget2012
  • VAT loopholes removed on some anomalies - but doesn't set out detail, so something controv in there? #budget2012
  • Age-related allowances for pensioners to be simplified over time, starting in April 2013, creating a single personal allowance for all but ensuring no pensioner loses in cash terms.
    3/21/2012 1:07:46 PM
  • Phasing out age allowances over time a big tax increase for better off pensioners #budget2012
  • New single tier pension for future pensioners to be set around £140 and based on contributions.
    3/21/2012 1:08:18 PM
  • Single tier of basic state pension above means test #budget2012
  • Personal tax allowances for pensioners to be frozen. Worth looking at in detail later - could be a big tax hit. #budget2012
  • Personal tax statement to be sent to 20 million tax-payers from 2014.
    3/21/2012 1:08:50 PM
  • Osborne's delivery has markedly improved since his first Budget. Deeper, less impish voice. Political puberty at last! #Budget2012
  • New "above the line" research and development tax credit to be introduced next year.
    3/21/2012 1:10:09 PM
  • Corporation Tax to be cut by further one per cent – from April 2012 it will be 24%; by April 2014, 22% #Budget2012 #Budget
  • Osborne will hope personal tax statements are bad for Labour. Especially if Tories go into next election promising to cut tax #budget2012
  • I like the way announcing that he is imposing VAT on items that are now zero-rated is introduced as removing "anomalies" #Budget2012
  • Immediate 1% cut in the headline rate of corporation tax, which will bring it to 24% from April. Two further cuts in 2013 and 2014 will reduce corporation tax to 22%.
    3/21/2012 1:10:48 PM
  • Balls/Miliband reaching for pens at freezing of personal allowance for pensioners: big cut, + prob not made up by new flat rate #budget2012
  • Chancellor announces a further cut of Corporation Tax. Picture credit: PA

    3/21/2012 1:11:20 PM
  • Bank levy to be increased to 0.105% from January 2013 so that banks will not benefit from additional corporation tax cuts and the levy will raise £2.5 billion a year.
    3/21/2012 1:12:08 PM
  • The Budget at a glance ind.pn
    3/21/2012 1:12:21 PM
  • So 37p extra on a packet of fags from 6pm tonight - watch the queues form...
  • Osborne is right that the headline rate of corporation tax is very markedly below Britain's competitors. That is the card that he will consistently play against those (especially on the Tory right) who accuse him of being anti-business.
    3/21/2012 1:12:50 PM
  • Tobacco duty to rise 5% above inflation. That's 37p on a packet of cigarettes from 6pm tonight.
    3/21/2012 1:12:59 PM
  • New duty on gaming machines
    3/21/2012 1:13:12 PM
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