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. Get in touchpublished at 15:01 Greenwich Mean Time 18 March 2015

    Bob Johnson emails: "The Tory budget is Spartan to say the least. It's like saying 'I have debt and so I will buy no food and will not eat until I have cleared my debt and amassed some savings.' Unnecessary damage will be done as a result."

  2. Tim Shipman, political editor, the Sunday Timespublished at 14:59 Greenwich Mean Time 18 March 2015

    Tweets, external: Worth remembering after all the frenzy: not one mention of the main inheritance tax rate, even in the speech. That awaits the manifesto

  3. What UKIP and the Greens agree onpublished at 14:58 Greenwich Mean Time 18 March 2015

    Natalie Bennett and Patrick O'Flynn

    Green Party leader Natalie Bennett wasn't impressed by what she sees as a self-congratulatory note in today's Budget statement. "The triumphalist tone about the state of the economy is going to leave a bad taste in the mouth of so many people in Britain who are struggling to get by," she says. UKIP's Patrick O'Flynn, the MEP standing for election in Cambridge, says this is a "rare moment of UKIP-Green Party consensus" - because he too thinks the chancellor adopted "a very ill-advised triumphalist tone". It won't be reflected "in most people's experience of their living standards", he adds.

  4. Via Emailpublished at 14:57 Greenwich Mean Time 18 March 2015

    Matthew Barling
    PwC banking partner

    Today's announcement will be a blow to the UK banking industry. For a sector already under pressure in terms of profitability as a result of regulatory change and other demands, a further £900m increase in the bank levy will be felt acutely. The short term benefits to the Treasury are perhaps understandable, but this could potentially be at the cost of the longer term growth and competitiveness of the UK as a global financial centre.

  5. 'Extreme cuts'published at 14:56 Greenwich Mean Time 18 March 2015

    BBC News Channel

    Now giving his reaction to the Budget, shadow chancellor Ed Balls tells the BBC that George Osborne is "out of touch with reality". He says that people voting in the forthcoming election need to know that they are voting for huge cuts if they vote Conservative. "Nothing in this Budget changed that picture", he says. The cuts will be deeper in the next three years than in the previous five, and people need to know that, he says. He predicts it will be the police, armed forces and NHS who will bear the brunt.

  6. Get in touchpublished at 14:54 Greenwich Mean Time 18 March 2015

    Fahad Sayood asks: "How can Britain walk tall with a million people relying on foodbanks?"

  7. Get in touchpublished at 14:53 Greenwich Mean Time 18 March 2015

    Do you have a question about the #budget2015? Will the changes affect you?

  8. Welfare cutspublished at 14:52 Greenwich Mean Time 18 March 2015

    BBC Economics editor Robert Peston and Paul Johnson from the IFS

    Economics editor Robert Peston asks Paul Johnson from the IFS how Chancellor Osborne could make the £12bn in cuts to welfare spending in the next parliament to meet his targets. Mr Johnson says that if you were to freeze all benefits including pensions you could get there - but that is unlikely to happen, he says. You could take child benefit from even more people, or do something dramatic to housing benefit. But it is "very hard" to cut welfare spending to that degree, he says.

  9. 'No material impact'published at 14:50 Greenwich Mean Time 18 March 2015

    The independent Office for Budget Responsibility might have just dented the Conservatives' claims that this Budget is going to make a big difference - and you don't have to get very far into its overview , externalto find that judgement. Paragraph two begins: "The coalition government's policy decisions in this Budget are not expected to have a material impact on the economy." This is a "very significant statement," Sam Coates of the Times tweets, external.

  10. No detailspublished at 14:50 Greenwich Mean Time 18 March 2015

    BBC News Channel

    The Institute for Fiscal Studies' Paul Johnson says it's a "bit irritating" that we still don't have details - from either of the main parties - where their huge planned cuts over the next few years will hit. "It's a terrible shame to be going into an election without any detail of how the cuts are going to be achieved," he says.

  11. Four minute video guide to the Budgetpublished at 14:48 Greenwich Mean Time 18 March 2015

    The headlines of the tax, spending and borrowing announcements in the Budget are explained in this four-minute guide. BBC presenters Huw Edwards and Jo Coburn go through some of the key figures from George Osborne.

  12. Austerity 'could be stopped'published at 14:47 Greenwich Mean Time 18 March 2015

    BBC News Channel

    Paul Johnson, of the Institute for Fiscal Studies, says there was a noticeable change of tone on austerity. "Not much will change over the next couple of years. But the chancellor has reserved substantially what might happen in the long run. He says that austerity could be stopped in the years 2018/19. It's theoretical, as it four or five years down the line. But it's an indication of the future direction."

  13. George Monbiotpublished at 14:46 Greenwich Mean Time 18 March 2015

    Tweets, external: So the government, that claims to take #climatechange seriously, now offers even more generous tax allowances for extracting North Sea oil.

  14. Borrowing forecastspublished at 14:43 Greenwich Mean Time 18 March 2015

    Borrowing forecastsImage source, ONS
  15. Tweet uspublished at 14:42 Greenwich Mean Time 18 March 2015

    ‏@WendyDodsworth tweets: @BBC_HaveYourSay @BBCNews what about the NHS?

  16. Child sexual exploitationpublished at 14:41 Greenwich Mean Time 18 March 2015

    The Children's Society has expressed its frustration at a lack of funding in the Budget for a topic that's been in headlines recently: child abuse and child sexual exploitation. "With extra money available to the chancellor, it is hugely disappointing that the government has yet again failed to make extra funding available to protect children from sexual abuse and to create a register of missing children," chief executive Matthew Reed says. "With local government budgets being squeezed central government must provide extra funding to make sure that vulnerable children and young people get the protection they need to keep them safe."

  17. Via Twitterpublished at 14:39 Greenwich Mean Time 18 March 2015

    Kevin Peachey
    Personal finance reporter, BBC News

    What the #Budget2015 means for your finances, external, given that some plans dependent on election result

  18. Via Emailpublished at 14:38 Greenwich Mean Time 18 March 2015

    Chas Roy-Chowdhury
    Head of taxation, Association of Chartered Accountants

    Combating tax avoidance has been a key plank of this government's rhetoric for the last five years, so today's announcement came as no surprise. We are disappointed that the chancellor has chosen not to wait for the OECD's important work with the G20 to be completed before pressing ahead with his plans. Any measures must be backed up with additional resources for HMRC otherwise they will be nothing more than headline-grabbing soundbites.

  19. Sophy Ridge, political correspondent, Sky Newspublished at 14:37 Greenwich Mean Time 18 March 2015

    tweets, external: No game-changer policies pulled out of the hat that could swing the election. My feeling is Tories saving real rabbits for manifesto #budget

  20. Get in touchpublished at 14:35 Greenwich Mean Time 18 March 2015

    Jordan emails: "As someone who just had to pull out of buying my first home as there simply aren't the mortgages on offer with my level of deposit, I'm really excited by the 'help to buy' ISAs. It's rare that an item in the Budget speaks so loudly to me personally."