Summary

  • OBR downgrades UK growth forecasts

  • Sugar tax on soft drinks to be introduced

  • Fuel and beer duties frozen

  • New rail lines including Crossrail 2 and HS3 get green light

  • US Federal Reserve holds interest rates

  1. Osborne's 2015 highlightspublished at 11:30 Greenwich Mean Time 16 March 2016

    Media caption,

    BBC archives recall some of the most notable moments of the year for the Chancellor, George Osborne

  2. Osborne leaves Number 11 with Budget boxpublished at 11:25 Greenwich Mean Time 16 March 2016

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  3. Unemployment figures 'a ray of sunshine'published at 11:20 Greenwich Mean Time 16 March 2016

    Chart showing the unemployment rate in the UK

    Figures released by the Office for National Statistics this morning show that UK unemployment fell to 1.68 million between November and January, down 28,000 from the previous quarter. 

    The employment rate is 74.1%, the joint highest since current records began in 1971.  

    "With the Chancellor setting the backdrop to this afternoon's Budget as one where the global 'storm clouds' are gathering, today's labour market figures offer a ray of sunshine," said Scott Bowman, UK economist at Capital Economics.

    You can read our full story on the figures here

  4. Could we see changes to income tax?published at 11:15

    Will George Osborne find the funds to increase the tax-free allowance later today? He might, but for now, these are the new income rates that come into effect next month:

    Graphic showing the income tax rates due to come into effect in April
  5. BBC economics editor does Snapchatpublished at 10:59 Greenwich Mean Time 16 March 2016

    BBC video journalist tweets...

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  6. Gap widens between real pay and cost of livingpublished at 10:48 Greenwich Mean Time 16 March 2016

    BBC economics correspondent tweets...

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  7. Money Advice Service to be abolishedpublished at 10:38 Greenwich Mean Time 16 March 2016

    BBC personal finance reporter Brian Milligan writes...

    The Money Advice Service (MAS), which has provided financial and debt advice to consumers since 2010 - is to be abolished.

    A spokesman for the service confirmed that it is to be wound down, ahead of an announcement by the chancellor in the budget.

    The service has been criticised in two recent reports.

    One study - by Christine Farnish - found that few members of the public had even heard of it.

    Two years ago the National Audit Office found the MAS was not always delivering value for money.

    "We will work with the government to fully consider the implications of this announcement," said a spokesperson for the MAS.

    "In the meantime we will continue to fulfil our statutory role to help people make the most of their money."

  8. Pothole budgets not trickling through?published at 10:18 Greenwich Mean Time 16 March 2016

    There have been complaints in recent years about the state of the UK's roads, with the blame for the lack of road repairs planted squarely on the shoulders of budget cuts forcing local authorities to choose between providing essential services and road repairs.

    In last year's summer Budget the chancellor promised the creation of a dedicated roads fund which would use ring-fenced money from road taxes to help with the estimated £12bn worth of repairs needed to fix the UK's crumbling roads. 

    It seems the cash may be taking a while to filter through. 

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  9. Less Star Wars more Star Trekpublished at 10:09 Greenwich Mean Time 16 March 2016

    London business reporter tweets

    Well, it took the next generation roughly three minutes to tell the chancellor what it thinks of his Budget. He hasn't even delivered it yet. 

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  10. A Budget for the Millennials perhaps?published at 09:56 Greenwich Mean Time 16 March 2016

    Chancellor George Osborne tweets

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  11. A pessimistic view of the Budgetpublished at 09:54 Greenwich Mean Time 16 March 2016

    Karen H tweets...

  12. Money Advice Service expected to be abolishedpublished at 09:44 Greenwich Mean Time 16 March 2016

    BBC personal finance reporter Brian Milligan writes

    George Osborne is expected to announce that The Money Advice Service – which provides financial and debt advice to consumers – is to be abolished.

    It was set up in 2010, but was criticised in a series of reports.

    One study found that few people had even heard of it. The National Audit Office said it hadn’t been providing value for money.

    The Money Advice Service said in the meantime it would continue to help people make the most of their cash.

  13. Average pay increasespublished at 09:40 Greenwich Mean Time 16 March 2016

    BBC economics correspondent tweets...

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  14. UK unemployment fallspublished at 09:32 Greenwich Mean Time 16 March 2016

    Unemployment fell by 28,000 between November and January to 1.68 million, official figures showed today, external.

    people outside a job centreImage source, Getty Images
  15. There's a storm comingpublished at 09:07 Greenwich Mean Time 16 March 2016

    BBC Breakfast's Steph McGovern explains Budget forecasting using a BBC weather map.

    Media caption,

    Budget forecasting with BBC Breakfast's Steph McGovern

  16. 'I am an enemy of the state'published at 08:56 Greenwich Mean Time 16 March 2016

    Email to haveyoursay@bbc.co.uk

    As a nurse and a single parent I can see more misery and hardship for myself and my children. I have just been awarded a 1% per rise and yet the cost of living continues to increase. The Chancellor has cut tax credits in a underhand way it seems. He does nothing for people like me. It seems as a single parent and a public sector worker I am an enemy of the state.

    Emma Connor, Staddlebridge

  17. On schools becoming academiespublished at 08:48 Greenwich Mean Time 16 March 2016

    Email to haveyoursay@bbc.co.uk

    Making all schools academies basically means a move to privatise the UK education system, we have not voted for this to happen. We also have not voted for the disadvantaged and vulnerable to be discriminated against by the government. The UK no longer feels like a democracy.

    Jane Fenn

  18. Your Budget thoughts...published at 08:34 Greenwich Mean Time 16 March 2016

    How will the Budget affect you? Get in touch with your thoughts on the Budget via email at haveyoursay@bbc.co.uk. 

  19. How many budget surpluses have you seen?published at 08:31 Greenwich Mean Time 16 March 2016

    RBS Economics tweets...

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  20. What's happened to debt under George Osborne?published at 08:29 Greenwich Mean Time 16 March 2016

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