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| Budget 2013: George Osborne halves growth forecast | Budget 2013: George Osborne halves growth forecast |
| (35 minutes later) | |
| Chancellor George Osborne has cut his official growth forecast in half, but insisted the UK would avoid a "triple dip" recession. | Chancellor George Osborne has cut his official growth forecast in half, but insisted the UK would avoid a "triple dip" recession. |
| He said growth in 2013 would be 0.6% - half the 1.2% he predicted four months ago in his autumn statement. | He said growth in 2013 would be 0.6% - half the 1.2% he predicted four months ago in his autumn statement. |
| He used his Budget to cut corporation tax by 1% to 20%, and cancelled this autumn's planned fuel duty rise. | He used his Budget to cut corporation tax by 1% to 20%, and cancelled this autumn's planned fuel duty rise. |
| He also scrapped above inflation alcohol duty rises and cut the price of a pint of beer by 1p. | He also scrapped above inflation alcohol duty rises and cut the price of a pint of beer by 1p. |
| Mr Osborne said his Budget was for "those who want to work and get on". | Mr Osborne said his Budget was for "those who want to work and get on". |
| He said it was taking longer than expected but "we are, slowly but surely, fixing our country's economic problems". | He said it was taking longer than expected but "we are, slowly but surely, fixing our country's economic problems". |
| He began his Budget statement by telling MPs in a packed House of Commons: "Today, I'm going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them." | He began his Budget statement by telling MPs in a packed House of Commons: "Today, I'm going to level with people about the difficult economic circumstances we still face and the hard decisions required to deal with them." |
| Mr Osborne faced frequent interruptions in a rowdy House of Commons, with the deputy speaker forced to intervene to ask for quiet. | Mr Osborne faced frequent interruptions in a rowdy House of Commons, with the deputy speaker forced to intervene to ask for quiet. |
| His revised forecast is for the UK's national debt to rise to 85% of GDP and not start coming down until 2017/18 - a year later than previously predicted. | His revised forecast is for the UK's national debt to rise to 85% of GDP and not start coming down until 2017/18 - a year later than previously predicted. |
| But the chancellor predicted the deficit would continue to come down thanks to the "many tough decisions" taken by the government. | But the chancellor predicted the deficit would continue to come down thanks to the "many tough decisions" taken by the government. |
| He said the deficit had fallen from 11.2% of GDP in 2009-10, to a forecast of 7.4% this year - a fall of a third. | He said the deficit had fallen from 11.2% of GDP in 2009-10, to a forecast of 7.4% this year - a fall of a third. |
| He announced that the Bank of England Monetary Policy Committee had also been given an updated broader remit, but keeps its 2% inflation target. | |
| The chancellor extended the 1% public sector pay cap by one year to 2015/16. | The chancellor extended the 1% public sector pay cap by one year to 2015/16. |
| He unveiled a raft of measures aimed at boosting new businesses, including tax credits for research, and new measures to clamp down on tax avoidance. | He unveiled a raft of measures aimed at boosting new businesses, including tax credits for research, and new measures to clamp down on tax avoidance. |
| And he announced plans to extend shared-equity schemes to help people get on the housing ladder and plans to encourage more "affordable" homes to be built. | And he announced plans to extend shared-equity schemes to help people get on the housing ladder and plans to encourage more "affordable" homes to be built. |
| Mr Osborne has resisted Labour calls to change economic course despite the threat of a dip back into recession and the loss of the UK's triple A credit rating, insisting the economy was on the right track. | Mr Osborne has resisted Labour calls to change economic course despite the threat of a dip back into recession and the loss of the UK's triple A credit rating, insisting the economy was on the right track. |
| And he ignored calls by Lib Dem Business Secretary Vince Cable to borrow more to boost growth with a big building programme. | And he ignored calls by Lib Dem Business Secretary Vince Cable to borrow more to boost growth with a big building programme. |
| Deficit | Deficit |
| But he did announce £2.5bn of spending on infrastructure paid for by a further squeeze on public spending. Details of where the axe will fall will come in June when the government unveils its spending review. | But he did announce £2.5bn of spending on infrastructure paid for by a further squeeze on public spending. Details of where the axe will fall will come in June when the government unveils its spending review. |
| In an attempt to show he is on the side of "hard working voters", he speeded up progress towards a £10,000 tax free personal allowance. | In an attempt to show he is on the side of "hard working voters", he speeded up progress towards a £10,000 tax free personal allowance. |
| The chancellor's financial statement comes against a backdrop of grim economic news, with unemployment climbing by 7,000 to 2.52 million between November and January, according to official figures. | The chancellor's financial statement comes against a backdrop of grim economic news, with unemployment climbing by 7,000 to 2.52 million between November and January, according to official figures. |
| Ahead of the speech Labour leader Ed Miliband accused Mr Osborne of presiding over a "failing" economic plan and urged him to change course. | Ahead of the speech Labour leader Ed Miliband accused Mr Osborne of presiding over a "failing" economic plan and urged him to change course. |
| "The government is borrowing over £200bn more than he had planned," added Mr Miliband. | "The government is borrowing over £200bn more than he had planned," added Mr Miliband. |
| "Why? Because it's paying for failure, its failure to get growth moving. And it's also making Britain's families pay for that failure." | "Why? Because it's paying for failure, its failure to get growth moving. And it's also making Britain's families pay for that failure." |
| Ahead of the Budget the government announced plans for some parents in the UK to be able to claim back up to £1,200 a year for each child - or 20% of childcare costs - from 2015. | Ahead of the Budget the government announced plans for some parents in the UK to be able to claim back up to £1,200 a year for each child - or 20% of childcare costs - from 2015. |
| Mr Cameron said the plans, expected to cost £1.4bn, would be a "boost direct to the pockets of hard-working families" but it has been criticised in sections of the press for penalising stay-at-home parents. | Mr Cameron said the plans, expected to cost £1.4bn, would be a "boost direct to the pockets of hard-working families" but it has been criticised in sections of the press for penalising stay-at-home parents. |
| Meanwhile, members of the UK's largest civil service union, the Public and Commercial Services Union, are staging a 24-hour strike on Wednesday in a dispute over pay, pensions and working conditions. | Meanwhile, members of the UK's largest civil service union, the Public and Commercial Services Union, are staging a 24-hour strike on Wednesday in a dispute over pay, pensions and working conditions. |
| Government departments, driving test centres, museums and job centres are among workplaces expected to be hit while meetings at the Welsh assembly have been rearranged because Labour and Plaid Cymru members will not cross a picket line. | Government departments, driving test centres, museums and job centres are among workplaces expected to be hit while meetings at the Welsh assembly have been rearranged because Labour and Plaid Cymru members will not cross a picket line. |
| A rally was being held at Westminster while Mr Osborne delivered his Budget. | A rally was being held at Westminster while Mr Osborne delivered his Budget. |