Summary

  • George Osborne presents the 2015 budget

  • 2015 UK growth revised up to 2.5% by OBR

  • Chancellor pledges to end austerity by 2019/20

  • Tax free allowance to go up to £10,800 next year

  • New personal savings allowance for first £1,000 interest

  • Labour leader says chancellor has 'failed working families'

  1. Via Emailpublished at 11:30 Greenwich Mean Time 18 March 2015

    Vicky Redwood
    Chief UK economist, Capital Economics

    An interest rate rise still looks to be some way off. After all, despite the pre-election sweeteners that will be doled out later, the key message that should be taken from today's Budget is that the fiscal squeeze is still only half done, meaning that monetary policy will need to remain very loose to compensate.

  2. PM's spokesmanpublished at 11:28 Greenwich Mean Time 18 March 2015

    Asked a short time ago what response the cabinet gave to George Osborne's Budget, David Cameron's official spokesman told reporters: "I think you will see a very strong package of measures and that view was shared right around the table. There was a clear expression of views from around the table that it was a good and strong package."

  3. Baffled by the budget?published at 11:27 Greenwich Mean Time 18 March 2015

    If the Budget has baffled you - join our live Facebook Q&A on today at 1500 - the BBC's political correspondent Chris Mason will be standing by to answer your questions. You can find it here, external.

  4. George Osbornepublished at 11:25 Greenwich Mean Time 18 March 2015

    George Osborne has now arrived safely at the Houses of Parliament after the mysteriously traffic-free trip from Downing Street. T minus 65 minutes and counting.

  5. Pic: outside No 11published at 11:24 Greenwich Mean Time 18 March 2015

    George OsborneImage source, Reuters
  6. Ben Riley-Smith, political correspondent, Daily Telegraphpublished at 11:23 Greenwich Mean Time 18 March 2015

    The red box shot. Most iconic image in British politics?

    Treasury teamImage source, Ben Riley-Smith
  7. Red boxpublished at 11:19 Greenwich Mean Time 18 March 2015

    He's out. A tradition from what seems like the dawn of time, the chancellor proudly displays his red box outside No 11 Downing Street before setting off on the arduous one-minute journey by Jaguar to the Palace of Westminster.

  8. Get in touchpublished at 11:13 Greenwich Mean Time 18 March 2015

    Ray Harfield, in Shoreham by Sea, West Sussex emails: "I agree with the post about the VAT threshold - we're a small training business in the care sector - the VAT threshold is strangling our chance to take more business and maybe employ more trainers because we can't charge our customers 20% more (care homes can't claim VAT back) so no point expanding - we'd be worse off. Like to see big increase to help small businesses thrive."

  9. Get in touchpublished at 11:10 Greenwich Mean Time 18 March 2015

    Martin Horner, in Lancing, West Sussex emails: "For far too long the Budget has ignored the needs of disabled people, especially through the cutbacks on social services and the support that they give through people like social workers. Since direct payments were introduced many years ago, disabled people have been left to organise their own care and pay for it from their DP payments. In the more than five years I have been on DP, my payments have not risen once, despite it costing more every year to get the help I so desperately need. When are the government going to do something about supporting the genuinely disabled who's care needs payments have not risen in over five years?"

  10. Electoral messagepublished at 11:09 Greenwich Mean Time 18 March 2015

    Norman Smith
    Chief political correspondent, BBC News Channel

    My instinct is that Conservative MPs will be looking to George Osborne for something they can sell on the doorsteps as a 'Tory tax cut'.

  11. Images of the economy since 2010published at 11:07 Greenwich Mean Time 18 March 2015

    Graphic with oil pumps

    As George Osborne gets ready to deliver the final coalition Budget ahead of the general election, the BBC looks back at the economic story of the government. Pasties, student protests and oil prices make an appearance in this montage coming up on the BBC Budget programme from 11:30 GMT. It covers the reporting of UK finances since the Conservatives and Liberal Democrats came to power in 2010.

  12. Get in touchpublished at 11:05 Greenwich Mean Time 18 March 2015

    Alistair Anderson, in Bedford, emails: "Talk of tax cuts and investment incentives for North Sea oil and gas just shows the extractive industries still have governments in their pockets. The science on climate change is very clear, and we should be winding down all fossil fuel activities as soon as possible while massively investing in renewables, with the associated new jobs. Is it that the government doesn't believe this, or is it that they do far too much to keep fossil fuel companies happy due to their donations?"

  13. What can be done?published at 11:03 Greenwich Mean Time 18 March 2015

    BBC News Channel

    Heather Self, Pinsent Masons

    An important point made by Heather Self, from Pinsent Masons, on the BBC News Channel. Any radical changes the chancellor announces today will have to be for the next parliament, as there is only one full day of debate for the finance bill. However, he can make changes to rates and allowances, which makes it more likely he will raise the personal tax allowance, she says.

  14. Get in touchpublished at 11:01 Greenwich Mean Time 18 March 2015

    Robert, in Cambridgeshire, texts: "I am a carer for a local care home. I would like to see better pay for nurses and carers. This would encourage more to take on the job and so the service user would get the best care possible."

  15. Via Twitterpublished at 11:00 Greenwich Mean Time 18 March 2015

    Kamal Ahmed
    BBC Business editor

    A rise in the National Insurance threshold wd disproportionately help lower paid as threshold kicks in earlier than income tax #budget2015

  16. New pound coinpublished at 10:59 Greenwich Mean Time 18 March 2015

    Radio 5 live

    Royal MintImage source, Royal Mint

    Fifteen-year-old David Pearce, from Walsall, is responsible for the new pound coin design. He told 5 live breakfast presenter Rachel Burden it took him "a few hours" to design his coin, which features a leek, thistle, rose and shamrock united by the crown. His design was refined with the help of numismatic artist David Lawrence and lettering expert Stephen Raw. If you need to look up what a "numismatic artist" is - we did - it turns out numismatics is the study or collection of currency., external

  17. Via Twitterpublished at 10:56 Greenwich Mean Time 18 March 2015

    Robert Peston
    Economics editor

    301k new full time jobs for men in past year, 179k for women. Part-time work up 157k for women, down 20k for men. @Peston, external

  18. Get in touchpublished at 10:55 Greenwich Mean Time 18 March 2015

    Derek May emails: "The small business VAT threshold is way too low, I have enough work to employ more people and take them off benefits but there's no point as I'd lose it all to VAT..."

  19. Taxing savingspublished at 10:54 Greenwich Mean Time 18 March 2015

    The Independent

    moneyImage source, Getty Images

    Perhaps the most eye-catching of today's Budget preview stories is the Independent's exclusive on the potential abolition of tax on income from savings. Everyone apart from the rich would benefit, the paper has reported, external. But as we've already noted (see 08:04 entry below) the Treasury isn't just distancing itself from the story, it's saying it's outright inaccurate. We'll find out whether this is a white rabbit or a red herring this lunchtime.

  20. Get in touchpublished at 10:52 Greenwich Mean Time 18 March 2015

    Kevin Johns in Midsomer Norton emails: The biggest hit on everybody's finance was the rise in VAT from 17.5% to 20% at the beginning of the coalition government. Please ask them when will it come down? Please ask the other parties the same question. I find it incredible that this question isn't at the forefront of any discussion with all the parties given its impact on everyone's budget.