Budget 2012: Ed Balls reacts to Budget

The Chancellor, George Osborne, has set out his third Budget, saying it would reward work and back business.

He announced that he will cut the top rate of income tax from 50p to 45p from next year.

He will lift the personal tax allowance to £9,200 and will ease the withdrawal of child benefit from some higher rate taxpayers.

The shadow chancellor Ed Balls told the BBC this Budget "makes the rich richer".