Ed Miliband contrasts the bedroom tax with the mansion tax as he rejects the Conservatives' "in it together" slogan. The best thing he can say about the chancellor, he says, is that "when the removal vans turn up at Downing Street, they [he and David Cameron] will be in it together".

Ed Miliband accuses George Osborne of rewriting history over the deficit. The chancellor's boasts that he's halved the deficit are contrasted with previous comments by the prime minister that doing so would be "inadequate".

The gap between what is owed in tax and what is collected is up, not down, the Labour leader says. And the Tories can't act on hedge funds, because they bankroll the Conservative Party. The party is, he adds, just the political arm of "the tax avoidance industry".

Norman Smith
assistant political editor, BBC News Channel

Ed M trying to unpick Osborne northern Powerhouse claim by arguing northern councils have faced steeper cuts #budget 2015

"Our constituents want to hear what both sides wish to say," the deputy Speaker says, pleading with government MPs to hush. Ed Miliband only winds them up more by quoting Joe Anderson, the leader of Liverpool City Council, condemning the government. In the interests of balance, the Labour leader adds: "I would have liked to quote a Conservative leader of a northern city, but there aren't any."

The Labour leader says there had never been such a large gap between the Chancellor's rhetoric and the reality of people's lives.

Robert Peston
Economics editor

Great @ed_miliband line: liberal demorcrats locked in the boot of the Tory party #budget2015

Deputy leader of the House Lindsay Hoyle is having to repeatedly intervene to ask government MPs to pipe down - but if anything Ed Miliband seems to be revelling in it. He appears to get some help from Danny Alexander, the Liberal Democrat chief secretary to the Treasury. But Mr Alexander isn't treated nicely as a result. Mr Miliband says the Lib Dems are "locked in the boot of the Conservative Party".

The government pretends people are better off. "But people need a new government to make them better off," Mr Miliband says.

The chancellor spoke for a little longer than his 2014 Budget speech, which lasted 55 minutes.

Ed Miliband suggests the Conservatives might not be entirely trustworthy when it comes to VAT, which didn't feature in the Budget statement at all. "Everyone knows what's coming if they were to get back - another rise in VAT. The tax the Tories love to raise." He suggests the Tory policy is to "deny it before an election, jack up VAT afterwards".

"It's been a recovery for the few from a government for the few," the leader of the opposition says.

Addressing the references to himself in George Osborne's speech, Ed Miliband responds by saying: "We're not going to take lessons in fairness from the trust fund chancellor and the Bullingdon Club prime minister."

Duncan Weldon
BBC Newsnight

OBR says "rollercoaster profile" for spending in next Parliament - tight squeeze in 2016-2018, then biggest rise in a decade #budget2015

The Labour leader says it's astonishing that the hour-long Budget statement didn't include a mention of the NHS or other vital public services. As he tripped up by not mentioning the deficit in his last conference speech, the Labour leader is probably hoping to catch the chancellor out in a similar way.

"People are earning less at the end of this parliament than they were at the beginning." The Tories and Lib Dems don't like that - they want to focus on living standards as George Osborne did, of course. Ed Miliband says people are £1,600 worse off.

In the Commons, Ed Miliband is responding to the chancellor. "This is a Budget people won't believe from a government that's not on their side," he declares.

"Five years ago I had to present to this House an emergency Budget. Today I present the Budget of an economy stronger in every way from the one we inherited," George Osborne said as he concluded. He wrapped up with this: "The share of national income taken up by debt - falling. The deficit down. Growth up. Jobs up. Living standards on the rise. Britain on the rise." And then the final point comes in a soundbite that gets huge cheers from the government benches: "This is the Budget for Britain, the comeback country."

Evan Davis
Newsnight presenter

Giving money to home buyers without building any more homes just means you push up the price of homes (helping elderly home owners). Discuss

Image source, Reuters

Just before the grand finale, George Osborne announced a new Personal Savings Allowance that will take 95% of taxpayers out of savings tax altogether. From April next year the first £1,000 of the interest earned on all of your savings will be completely tax-free. He says: "To ensure higher rate taxpayers enjoy the same benefits, but no more, their allowance will be set at £500. People have already paid tax once on their money when they earn it. They shouldn't have to pay tax a second time when they save it."

And he's finished. 59 minutes in total.