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.
Osborne says that five years ago the deficit was out of control, now, as a share of national income, it is down by half.
Trade deficit figures the best for 15 years
The OBR has confirmed Britain’s growth in 2014 was 2.6% – faster than any other major advanced economy in the world last year.
Truly national recovery, lowest claimant count for 15 years. Employment growing fastest in the north.
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.
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.
Share of income tax from top 1% earners has increased from 25% to 27%.
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.
Bank levy to be hiked to 0.21%, raising an additional £900m a year. 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
£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%.
Aim to bring ultrafast broadband 100MB/sec to all households in the UK
Annual tax return to be abolished, replaced by “real-time” accounts and filing. Class 2 NI contributions for the self-employed to end.
Penny off pint for third year running
Tax: Personal allowance to rise £11,000; tax cut for 27m and higher rate to start at £43,300 by 2017-18.
Help to buy Isa: for every £200 saved for deposit government will top it up with £50.