Douglas Fraser
Business and economy editor, Scotland

Image source, Getty Images

Oil firms expect Budget tax cuts

Dorothea Anderson, in Glasgow, emails: "I want the Budget to help me keep the income I receive from savings. I am single and have always worked and saved knowing that the state pension would not give me an adequate living standard. I have a modest occupational pension because I worked abroad for some time, but saved carefully and amassed capital that I had hoped would boost my income now that I have retired. Interest rates have not provided income but cautious investments have done so. I am taxed on this income. I want to see such unfair taxation scrapped as I have worked so hard and made sacrifices to finance a long awaited retirement which is anything but extravagant."

BBC News Channel

Malcolm Bruce, deputy leader of the Liberal Democrats, insists today's Budget is very much a coalition occasion - despite the fact it's the Conservative chancellor George Osborne who will be getting all the attention. He tells the BBC News Channel his party's man in the Treasury, Danny Alexander, will be setting out the Lib Dem plans for the next five years tomorrow "in a parliamentary statement backed up with Treasury papers - that is a departure, because we're coming to the end of a coalition".

BBC News Channel

Simon Wells, HSBC's chief UK economist, tells the BBC News Channel that George Osborne has got some wiggle room with today's Budget. He can say that the public finances are improving, but also afford some modest giveaways as well. He expects a rise in the income tax threshold to £11,000 - and raises the possibility of spending increases, which could be considered "quite political" so close to the general election.

Norman Smith
Chief political correspondent, BBC News Channel

There has to be a 'wow' factor. There has to be something that makes voters sit up. Because for many Tories this Budget is their last chance to get 'blast off', to get ahead of Labour in the polls. They need something to give them lift-off, and they're looking for the chancellor to provide it.

Image source, PA

The most senior woman in government, Home Secretary Theresa May, arriving in Downing Street a short time ago. There are suggestions her department could be in line for more funding to help deal with individuals returning to the UK after fighting with terror groups overseas.

BBC Radio 4 Today

Kitty Ussher, a former Labour Treasury minister, agrees with Ken Clarke: "It is a transactional Budget - he is trying to do a deal directly with the British public," she says. But the pair disagree over the best approach to handling the economy. Ms Ussher adds: "There's a rather interesting dynamic going on at the moment where the polls are showing the public reckons we've done the cuts we've needed to do." She suggests George Osborne "might actually want to row back a bit and say we're not cutting back so much". But Mr Clarke disagrees. "We must get rid of the deficit and debt as soon as possible," he says. "We're a bit obsessed with it, but it's an absolutely essential pre-condition. We have a growing economy and a 5% deficit. That is unsustainable, we wouldn't do that in ordinary times."

tweets:, external The Budget Artist is back ! #budget15 #picasso

BBC Radio 4 Today

Former Conservative chancellor Ken Clarke provides his usual refreshing honesty about the significance of today's Budget. "Nobody remembers the individual measures, none of them are worth a vote," he tells Today. "The key thing to get across is that he's done a good job of saving the country from economic disaster."

tweets:, external There's no such thing as a "Budget giveaway"! It was our money to start with! Just hoping we'll get to keep a little more of it! #Budget2015

Sacha Bright, in London, emails: "I haven't heard any mention of inheritance tax changes but it is a dinosaur and the threshold needs lifting. It was meant to be a tax on the rich and now it's a tax on the working man. The rich have clever trusts and accountants that they can afford to employ to get around this tax and the working man carries on unknowingly, pays tax all his life and then pays tax when he dies. If you can't up the threshold, find a way to invest it back in to the person that inherited the money and let them create wealth in the form of their own enterprise or first-time house purchase. I hope the chancellor will be creative with this years Budget."

BBC Radio 4 Today

Sir John Madejski, the chairman of Reading FC, is quizzed on the Today programme. He was a Tory donor but hasn't given the Conservatives any money for a while - because he can't afford to, he says. Sir John voices support for the possibility of the Tories raising the inheritance tax threshold and is confident the chancellor will come up with the goods later. "They're well-drilled in this, I'm sure George Osborne will come out with some very good incentives for everybody."

Ed Balls has begun the day with an email offensive, writing to supporters on Labour's mailing list about "the truth" of today's events. "There's one thing we can be certain of about George Osborne's Budget today: from start to finish, it will be a cover-up of his terrible record as chancellor," he says. The shadow chancellor wants campaigners to highlight the "deeper spending cuts" planned by the Conservatives in the next four years. And he also flags up the NHS. "Everyone knows the only way the Tories can make their sums add up is by breaking their promises again -raising VAT and putting our NHS at risk," he adds.

Image source, David Schneider

There seems to be some concern that the new pound coin may not work with those pesky supermarket trolley coin slots. Some wag has set up a Twitter account called @newpoundcoin, external ("Obviously not real because coins can't tweet") - and it tweets today, external: Totes gonna work "@davidschneider: New pound coin/shopping trolley conundrum solved (with thanks @Unnamedinsider)"

Robert Peston
Economics editor

George Osborne can look forward to a £6bn coffers windfall because of lower inflation. Around £4bn of this can be expected to come off austerity in the next parliament. But the question is, how generous should the chancellor be with the rest? Will this money be spent elsewhere? We know that the prime minister wants to see the 40% higher rate tax threshold increased to £50,000, for example. Will the chancellor be able to give a firmer commitment for that to happen?

Lee Inman in London emails: "I hope National Insurance doesn't get overlooked... The focus is always on tax and no one seems to mention the NI changes, which have gradually increased by both increased rates and limits. NI, after all, is a form of tax. It's time we lumped it together with tax rates and tax bands so people get a fair view and understanding of theirs overall 'tax' position."

tweets:, external Interesting to see Clegg & Danny Alexander pose for a picture at No 10 this morning. They don't want the Tories to get all the Budget credit

Robert Peston
Economics editor

The overall situation has improved quite a bit since last year. Inflation is falling in a good way, productivity is improving and overall growth is strong. That's not only good news in the round for British people, but rather good news for the chancellor because it means better prospects for tax revenues. Whoever is the chancellor after the election should have quite a lot more money to play with.

Robert Peston
Economics editor

Image source, Royal Mint

the new £ coin, designed by children in a competition. I like the thruppenny-bit look, but the leek scares me @peston, external

BBC Radio 4 Today

In Swindon, a city represented by two Conservative MPs, the issue of zero-hour contracts and all the associated difficulties of living standards is going to be a big one on 7 May. Mark, who works for a major retailer, has shifts on a rota system, but the company might cancel his day's work at short notice. Nevertheless, the economy is recovering, as local business boss David Peddley, pictured above, says. "During the start of the downturn... over a period of about 12 weeks we saw a 20% reduction in our volume... it feels really good now", he says. You can listen to Mishal Husain's report in full at your leisure here.