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 along with the latest developments below.

12:33

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

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

12:38
Trade deficit figures the best for 15 years

12:39
The 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.

12:47
Sales 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.

12:50
The 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.

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

13.02
Pensions: 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.

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

13:11
Northern 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%.

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

13:23
Annual 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.

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