The Budget 2015 – live update

Chancellor George Osborne is making his annual statement on the Budget today at 12:30 in the House of Commons. Follow the latest developments here.

George Osborne gives his last Budget before the election

Chancellor George Osborne is making his annual statement on the Budget today at 12:30 in the House of Commons. Follow along with the latest developments below.


The Chancellor rises to deliver his final budget before the election.

12:36Osborne says that five years ago the deficit was out of control, now, as a share of national income, it is down by half.

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12:38Trade deficit figures the best for 15 years

12:39The OBR has confirmed Britain's growth in 2014 was 2.6% - faster than any other major advanced economy in the world last year.

1242:Truly national recovery, lowest claimant count for 15 years. Employment growing fastest in the north.

12:47Sales of £13bn in mortgages from bailed out Northern Rock and Bradford & Bingley to take place. Money to be used to help pay down national debt.

12:50The economy will expand by 2.3% for the next three years after, then 2.4% in 2019. National debt as share of GDP to fall gradually from 80.4% to 71.6% in 2019-2020.

12.57Share of income tax from top 1% earners has increased from 25% to 27%.

13.02Pensions: Lifetime Allowance will be cut from £1.25m to £1m, saving £600m a year. Less than 4% of pension savers now nearing retirement will be affected. From 2018, Lifetime Allowance to be index linked.

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13:09Bank levy to be hiked to 0.21%, raising an additional £900m a year. 13:11

13:11Northern Powerhouse: transport strategy for the north to be published; Greater Manchester to keep 100% of additional growth in business rates to support growth across the region; Cambridge to be offered similar deal

13.16£1.3bn of support announced for struggling North Sea oil and gas sector through tax breaks and incentives. Petroleum revenue tax to be cut from 50% to 35%.

13:20Aim to bring ultrafast broadband 100MB/sec to all households in the UK

13:23Annual tax return to be abolished, replaced by "real-time" accounts and filing. Class 2 NI contributions for the self-employed to end.

13:24:Penny off pint for third year running

13: 27:Tax:Personal allowance to rise £11,000; tax cut for 27m and higher rate to start at £43,300 by 2017-18.

13:30Help to buy Isa: for every £200 saved for deposit government will top it up with £50.




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