Budget 2011: As it happened

12:35pm: Prime Minister's Questions comes to an end and the Chancellor steps up to the usual chorus of cheers and jeers. Osborne's introduction claims no need for more taxes or spending cut - "We have asked the British people what is needed, and we do not need to ask for more." 12.40: Forecast is for economy to grow in each of next five years, unemployment to grow and then fall. OBR taking responsibility for growth forecasts. Annual growth forecast reduced to 1.7% due to rise in commodity prices and higher than expected inflation in the UK. 12.42: UK growth ahead of Spain, Italy...