Keep up to date with all the key points from the Chancellor's Budget as they happen.
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13.32 Signing off his third Budget, Osborne says the government has not ducked difficult choices and tackled the challenges of the time "head-on".
13.32 Personal allowance now - another hotly debated subject in the build up to today's Budget. Chancellor announces the point at which people begin paying income tax will rise to £9,205 from next April in a widely expected move. He claims two million people will be taken out of the tax system as a result. Loud cheers from the House.
13.29 Chancellor now addresses the "cliff edge" aspect of child benefit. Government will not withdraw child benefit all at once but only when a worker earns more than £50k - rather than £42,475. It will fall 1% for every £100 earned over £50,000 until an upper limit of £60,000.
13.26 Osborne confirms that from April next year top rate of tax will be 45p. "No chancellor can justify a tax rate which damages the economy and raises next to nothing", he says.
13.25 Chancellor says 50p tax can only be justified if it raises significant sums of money. Citing HMRC research, he says the top rate has caused "massive distortions". Claims the 50p tax rate only contributes around £100m a year to the country's coffers.
13.23 Now moves on to the most controversial aspect of the Budget - top rate of income tax. The 50p rate is the highest in G20, says Chancellor and is harming the economy. I think we know what's coming...
13.22 Confirms new stamp duty tax of 7% on properties over £2m to come into effect from midnight.
13.20 Now talking about the abuse of stamp duty. Announces an increase in stamp duty land charge to 15%, to take effect today. Will also introduce capital gains tax on residential property held in "overseas envelopes".
13.18 Chancellor goes on to announce a 25% cap on income tax reliefs for anyone claiming more than £50,000. This refers to the "tycoon tax" lauded by the Lib Dems in the run up to the Budget.
13.14 Osborne announces a 1% cut in corporations tax next month to 24%. He adds by 2014 the rate will fall to 22%. The rate was due to lower to 25% in April.
13.10 He confirms the government will introduce a £140 a week flat-rate basic state pension early in the next Parliament. It will be a single-tier pension, above the level of means testing. Also unveils a "major simplification" of the benefits system.
13.08 Osborne says the coaltion is "pressing forward" with integrating income tax with national insurance and addressing anomalies in the VAT system.
13.06 Chancellor says the country needs a modern tax system "fit for the modern world". He adds the government will radically change taxation for small firms. Will also introduce a new tax credit for video games.
13.05 Osborne says the rich should pay more tax and the poor less. He adds the UK needs a simpler tax system.
13.04 Chancellor claims government will unleash biggest reduction in business red tape "ever".
13.02 Tweet Lucy Tobin @lucytobin
"This is like watching a blockbuster where the trailer has already given it all away.. #budget2012"
13.00 Tweet from Ros Altmann @rosaltmann
"Can't have too much planning restriction as they prevent job creation. Will overhaul planning regulation."
12.59 Now talking about committing £100m of investment into university research facilities. He says the UK will be a top technology centre. Also announces a new centre for aerodynamics.
12.55 Osborne bigs up mayor of London Boris Johnson. "The Mayor of London has been an effective champion for the city he runs so well."
12.51 Tweet from Laura Kuenssberg @ITVLauraK
"Now he's reheating some of the promises in autumn statement to get pension funds investing in infrastructure"
12.50 Osborne flags up the coalition's business-friendly credentials, saying the National Loan Guarantee Scheme will pass on low interest rates to businesses. He adds under the present government the UK has become one of the top-ten places in the world to do business.
12.48 Chancellor claims the government's commitment to reducing the deficit is keeping interest rates low.
12.46 Osborne said the coalition will conduct a review of the state pension age. It will also address the ageing population and publish a white paper on social care.
12.45 Chancellor says deficit-reduction programme is on course.
12.44: The Office for Budget Responsibility has revised up growth forecasts this year to 0.8% (from 0.7%) and 2% next year. But it revised down its forecast for 2013 from 2.1% to 2%. Forecasts for 2014-2016 remain in line with previous forecasts.
12.42: Public sector net borrowing this year (2011/12) to be £126bn - £1bn lower than the Autumn Statement forecast of £127bn.
12.40 Chancellor warns there will be no deficit-funded give-aways.
12.37 Inflation expected to fall to 1.9% by the end of this year, says Osborne. According to the ONS, the CPI annual inflation was 3.4% in February, down from 3.6% in January.
12.36 Chancellor warns the UK is not immune from problems in the eurozone.
12.35: Osborne says Budget will reward work and "unashamedly" back business. He adds the country has a tax system more developed than any other economy in the developed world.
12.30: Cameron tells the House the Budget will be a "kaleidoscope Budget".
12.28 Prime Minister David Cameron tells the House of Commons: "Let me assure you the rich will be paying more after this Budget."
12.25 Tweet from Friends Life @FriendsLifeTalk
"Removal of tax-free lump sum will cause apathy and distrust in pensions"
12.20: Tweet from Andrew Neil @afneil:
"Labour attack on Budget looks like concentrating on cut of top rate to 45p. Coalition will say billions more spent on taking poor out of tax."
12:03 Tweet "Ahead of the #budget - 10-year Gilt yield flat at 2.41% sterling -0.1% at $1.5845 #FTSE100 is 0.1% higher 5,896.9."
12 midday Hello all, and welcome to our live, measure-by-measure coverage of Chancellor George Osborne's third Budget. Follow the news as it happens above.
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