Summary

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  • Sunak pledges £30bn to help "British people, British jobs and British businesses"

  • Fuel duty remains frozen for another year

  • Planned rise in beer, cider and wine duties cancelled

  • £5bn for gigabit-capable broadband into the hardest to reach places of the UK

  • UK growth forecasts updated: 1.4% for 2020 and 1.6% for 2021

  • Government to abolish business rates for small shops this year

  1. Budget 2020: What it means for youpublished at 14:18 Greenwich Mean Time 11 March 2020

    Man works on financesImage source, Getty Images

    The Budget focused on the government's response to coronavirus, but here is what it means for your financial health.

  2. FTSE 100 falls into the red after Budgetpublished at 14:15 Greenwich Mean Time 11 March 2020

    The FTSE 100 index of the largest companies listed in London fell into the red immediately after Rishi Sunak delivered his Budget.

    The index is currently trading around 0.2% lower but fell by as much as 0.5% while Mr Sunak was speaking.

    FTSE 100 chart
  3. Sunak accused of 'smoke and mirrors'published at 14:06 Greenwich Mean Time 11 March 2020

    The Labour leader says the government's claim to having pledged the largest increase in public spending was "smoke and mirrors".

    Mr Corbyn says: "Amid a blizzard of hype, he's claiming today it marks the biggest capital injection since the 1950s, but this is actually all smoke and mirrors.

    "As a percentage of GDP it only returns us to the levels we had before the Conservatives slashed investment so drastically in 2010."

  4. 'Budget an admission of failure'published at 14:05 Greenwich Mean Time 11 March 2020

    "The reality is that this is a Budget which has an admission of failure - an admission that austerity has been a failed experiment. It didn't solve our economic problems, but made them worse, that held back our own recovery and failed even in its own terms," Mr Corbyn says.

    "Today's measures go nowhere near reversing the damage that has been done to our country."

  5. 'Budget doesn't come close'published at 14:03 Greenwich Mean Time 11 March 2020

    "Today's Budget was billed as a turning point, a chance to deliver, in particular on the promises made to working-class communities during the general election. But it doesn't come close," Mr Corbyn says.

    "The government's boast of the biggest investment since the 1950s is frankly a sleight of hand. It's in fact only the biggest since they began their slash and burn assault on our services, economic infrastructure and living standards in 2010," the Labour leader tells the Commons.

    "Having ruthlessly forced down the living standards and life chances of millions of our people for a decade, the talk of levelling up is a cruel joke."

  6. Corbyn: 'Climate emergency threatens our existence'published at 14:01 Greenwich Mean Time 11 March 2020

    Labour leader Jeremy Corbyn criticises green spending plans announced in Rishi Sunak's Budget.

    "The climate emergency threatens our very existence," he says.

    We must "mobilise our resources on a massive scale" and the measures announced by the chancellor "get nowhere near that" he says.

    The government has kept the fuel duty freeze without lowering bus and rail fares, "showing complacency about the climate emergency", Mr Corbyn argues.

    "Young people, especially, will be dismayed at the lack of urgency to reduce our emissions," he tells MPs.

    "When the chancellor announced with such aplomb a huge investment in road building across the country - where is the environmental impact assessment being made of that policy?"

  7. 'Austerity not over'published at 13:57 Greenwich Mean Time 11 March 2020

    Mr Corbyn continues his response to the chancellor by saying it isn't true that austerity is over as he cites the Institute for Fiscal Studies, which he quotes as saying: "Austerity is baked into the economy".

    He says that the promises made today "don't come close" to undoing the years of austerity.

  8. Chancellor abolishes 'reading tax'published at 13:56 Greenwich Mean Time 11 March 2020

    Media caption,

    Budget 2020: VAT on digital publications abolished

    Rishi Sunak announces VAT will no longer be charged on digital publications from December.

    Chancellor abolishes 'reading tax'

    Rishi Sunak announces VAT will no longer be charged on digital publications from December.

    Read More
  9. 'Conservatives have failed on the economy'published at 13:54 Greenwich Mean Time 11 March 2020

    The Labour leader says the Conservatives have "failed on the economy" as he accuses the government of allowing productivity to stall, and business investment to flatline.

    Mr Corbyn says the UK is the most regionally unequal country in Europe because of the "failure".

    "The Conservatives have starved the country of investment," he says as he claims the party now expects "plaudits" for filling the big hole in funding he claims the party created in the first place.

  10. New fund to strip dangerous cladding from buildingspublished at 13:52 Greenwich Mean Time 11 March 2020

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  11. Labour leader: UK economy 'fundamentally weak'published at 13:52 Greenwich Mean Time 11 March 2020

    The chancellor shows "brass neck" in claiming his party's management of the economy has enabled his spending plan, says Labour leader Jeremy Corbyn.

    "Our economy is fundamentally weak," he says.

    He tells the Commons we have "a stalling economy", "flatlining" business investment and wages have only just passed pre-crisis levels.

  12. Splashing the cash?published at 13:49 Greenwich Mean Time 11 March 2020

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  13. 'Extra money for NHS too little, too late'published at 13:47 Greenwich Mean Time 11 March 2020

    Mr Corbyn says the extra money promised for the NHS is "too little, too late".

    He says 17,000 NHS beds have been cut as 100,000 people are being forced to wait for more than four hours in A&E departments.

  14. Budget 'a cruel joke'published at 13:46 Greenwich Mean Time 11 March 2020

    Labour leader Jeremy Corbyn is critical of Chancellor Rishi Sunak's Budget.

    Mr Corbyn tells MPs: "Having ruthlessly forced down the life chances of people over the last decade... talk of levelling up is a cruel joke".

    He says the Budget is "an admission of failure".

    Mr Corbyn adds: "Today's measures go nowhere near reversing the damage that has been done to this country".

  15. Not much new on transportpublished at 13:45 Greenwich Mean Time 11 March 2020

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  16. A road well travelled?published at 13:44 Greenwich Mean Time 11 March 2020

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  17. Corbyn calls today's Budget a slight of hand'published at 13:44 Greenwich Mean Time 11 March 2020

    Replying to the chancellor's Budget address, Jeremy Corbyn accuses Mr Sunak of a "slight of hand" as he says the spending plans didn't come close to doing enough.

  18. And that's itpublished at 13:43 Greenwich Mean Time 11 March 2020

    Mr Sunak finishes after speaking for an hour and three minutes.

    Labour leader Jeremy Corbyn is now responding to the chancellor's Budget speech.

  19. Budget 'largest sustained fiscal boost for 30 years'published at 13:41 Greenwich Mean Time 11 March 2020

    The chancellor says: "The OBR have said that today’s Budget will be the largest sustained fiscal boost for 30 years.

    "Next year, day-to-day departmental spending will grow at the fastest rate in 15 years.

    "Over the spending review period, its set to grow at the fastest rate since 2004. An average growth rate in real terms of 2.8% - twice as fast as the economy.

    "That means that by the end of the Parliament, day-to-day spending on public services will be £100bn higher in cash terms than it is today."

  20. Business rates need 'fundamental' reformpublished at 13:40 Greenwich Mean Time 11 March 2020

    Quote Message

    While the temporary business rates relief for the retail, leisure and hospitality sectors is welcome, the need for this measure has been evident for a number of years. It should not take a public health emergency to finally take it over the line. The benefit of the temporary relief may well be eroded by a reduction in footfall and revenue as a result of Covid-19 and simply avoids a double hit for these businesses. Such subsidy, whilst welcome, should not hide the need for more fundamental reform of business rates. Waiting until the Autumn Statement for reform is yet another delay. Whilst that delay is regrettable, it is at least a step forward.

    Lee Nuttall, Head of tax at law firm, Gowling WLG