"What's been done is based on logic," says sugar campaigner and chef Jamie Oliver. "The point of government is to create a structure that makes things fair." 

He doesn't want to ban sugary drinks. It's just about having "a few rules", Oliver tells the BBC. He called the Chancellor's move an act of "bravery and boldness. I never thought we'd get this."

The most significant change in the OBR forecasts pertains to potential productivity growth, Mr Chote says. The 2.2% rise annual rise reported in mid-2015 appears to have been a "false dawn", he says. The OBR now thinks the annual rise will be 2% a year. 

Robert Chote, head of the Office for Budget Responsibility, is giving the OBR's response to the Budget. 

He says the OBR has revised down productivity growth, meaning that the cash size of economy is 3% smaller than it had predicted in November.

The public sector net borrowing situation is also £11bn worse than previously forecast.

Weaker GDP growth means that debt-to-GDP ratio will rise, rather than fall, this year, Mr Chote adds.

Paul Johnson, director of the Institute of Fiscal Studies, thinks the Budget is pretty tax-neutral. "If you look at the period up to 2019... the tax decisions come to pretty much zero," he tells the BBC.

However, he says that the downward revision to growth forecasts is significant: "It is one of the reasons why the Chancellor has had to do quite a lot to move money around in order to meet his targets in 2019/20."

Some of the key tax and spending announcements from George Osborne's 2016 Budget, are set out by Huw Edwards, soon after the chancellor delivered his speech.

The Chancellor's speech was 9,223 words long. 

"Next generation" was a key theme and a phrase used 18 times by Mr Osborne. 

IPPR senior economic analyst Spencer Thompson tweets:

An at-a-glance summary of the key points of George Osborne's 2016 Budget.

The amount people can earn before having to pay income tax will rise to £11,500 in April 2017, the Chancellor said in his Budget speech. The Treasury said the move will cut taxes for 31 million workers and mean 1.3 million low-wage workers are taken out of paying income tax altogether. 

Also from April 2017, higher earners will be able to make up to £45,000 without being hit by the 40p rate of income tax - a tax cut of more than £400 a year. The personal allowance has steadily increased since 2010 and will reach £11,000 in April this year, while the 40p rate currently starts at £42,385. 

Shares in UK betting firms including Ladbrokes and William Hill have risen, with traders citing relief that the Budget did not unveil any new taxes on the sector. "No tax hikes, so positive for the sector," said Securequity's Jawaid Afsar.

Ladbrokes shares are up 7%, William Hill is up 4.7% and Paddy Power Betfair has advanced 1.7%.  

A little bedtime reading for you... the Budget documents, external.

Image source, Getty Images

Predictably, motoring organisations have welcomed the decision to freeze fuel duty for the sixth consecutive year. AA president Edmund King said: "We are delighted that the Chancellor has resisted the temptation to increase fuel duty, which will bring relief at the pumps for millions of motorists." 

RAC chief engineer David Bizley said: "Motorists will be relieved that the Chancellor has not used low fuel prices as an opportunity to raise duty on petrol and diesel to help reduce the deficit."

The Labour leader has finished his response to the Budget.

Mr Corbyn welcomes the sugar tax to "protect our children", but criticises the plan to turn all schools into academies. There was nothing in the budget about teacher shortages, the Labour leader says.