George Osborne's Budget 2012 - as it happened

Live coverage of George Osborne's 2011 budget. Let us know what you think by posting your comments using the form below.

13.29: That's it - to much cheering and jeering Mr Osborne sits down.

13.28: "2 million of the lowest paid people taken out of tax altogether" says Mr Osborne.

13.26: Personal tax allowance income changes - Mr Osborne says the figure from next April will go up £1,100 to £9,205 before anyone starts paying any tax.

13.24: Change to child benefit - withdrawal will be gradual and only take effect when one person in a household earns more than £50,000.

13.21: Top rate of tax to be 45p from April next year.

13.19: Chancellor turns his attention to personal taxation. 50p rate is 'highest in the G20'. HMRC assessment says 50p tax raised only £1bn.

13.16: 15% Stamp duty on homes valued over £2million from today.

13.15: Chancellor says that tax avoidance is 'morally repugnant' and is taking further steps to stamp it out.

13.13: Chancellor confirms fair fuel stabiliser. No further changes to fuel duty. Freeze on excise duty for road hauliers, inflation only rise for personal use.

13.12: New duty on gaming machines.

13.11: No change on alcohol duties. Tobacco duty to rise by 5% above inflation from 6pm tonight - that's 37p for a packet of cigarettes.

13.10: Bank levy up to 0.105% by 2014.

13.09: Corporation Tax cut doubled by 2% to 24% and then down to 22% by 2014.

13.08: New research and development tax credit for businesses.

13.07: Annual personal tax statement will be sent to taxpayers from 2014. 'People will know what tax they're paying and what they're paying for.'

13.06: State pension to rise by £5.30 a week. There will be a single tier pension for future pensioners. A single tier pension, at a minimum of £140, will be set, Mr Osborne says.

13.04: Mr Osborne says he will address loopholes in the VAT system but children's clothes, books and newspapers will be among those products still exempt from the tax.

13.02: Chancellor - 'we need a tax sytem that supports work'. He promises a far simpler tax system for businesses.

13.01: Independent Pay Review bodies to look at regional pay for the public sector.

13.00: As expected there will be legislation to amend the Sunday trading rules for eight Sundays around the Olympics.

12.59: Lord Heseltine to review public/private economic collaboration.

12.56: UK to be Europe's technology centre the Chancellor pledges. Tax credit schemes for video games and "high-end" TV production firms will be established. Wants fastest broadband for 90% of the UK.

12.55: The chancellor promises "major savings" in administration costs for business.

12.54: Renewables 'will play a crucial part in the UK' says Mr Osborne.

12.53: Enhanced capital allowances for enterprise areas in Scotland.

12.50: Lots of building projects announced, including a number of railway projects - but none in this area.

12.49: The Chancellor wants to double the nation's exports. The UK will not be left behind by China, Brazil and India under this government, Mr Osborne promises.

12.48: UK now in the top 10 most competitive industrial nations in the world says Mr Osborne. The country must "confront" the lack of airport capacity in the south of England.

12.47: The Chancellor pledges more help in expanding the 'Get Britain Building' Fund. The building fund providing up-front money for construction firms is being expanded.

12.45: Gold holdings have risen in value to £11bn.

12.44: Extra £100m for military housing. Also doubling Council Tax relief for the military.

12.43: Mr Osborne: Cost of operations in Afghanistan will be lower than planned - £2.4bn.

12.42: Royal Mail pension liabilities to be transferred to the Treasury.

12.41: Chancellor says that borrowing will peak at 76.3% of GDP in 2014/15.

12.40: 2013 CPI inflation forecast to reduce by 0.2% to 1.9%.

12.38: Chancellor says it's a 'fiscally neutral budget'.

12.36: Unemployment will peak at 1.67million this year.

12.35: Growth forecast for 2012 revised up by 0.1% to 0.8%. Forecast for 2013 revised down by 0.1% to 2%.

12.34: Chancellor says stability must come first.

12.33 He promises a reforming tax budget - millions of the lowest paid will be lifted out of tax altogether.

12.32: Chancellor say this budget will reward work and that Britain must earn its way in the world.

12.31: The speaker makes way for his deputy and Mr Osborne gets to his feet. We're off and running.

12.30: Prime Minister's Question's is over - now for the main event of the day.

Don't expect too much early in the speech - the first half usually outlines the general state of the economy. Expect news on cigarettes, alcohol, petrol and stamp duty towards the end of his speech.

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