Budget 2011: As it happened

Chancellor George Osborne today delivered his second Budget speech as Chancellor. Here are all the key points as they 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 and France according to EU. Also ahead of EU average.

Inflation target remains at 2%.

12.44: Borrowing forecast for the year is 146bn, falling to £122bn next year, £101bn the year after, £70bn in 2013/14, then £46bn before coming down to £29bn in time for 2015/16

12.47: We want the UK to remain a world leader in financial services.

12.48: Britain should have the most competitive tax system in the G20. It should be fair, simple and reward work.

Budget removes 100 pages from tax code and begins simplification.

Cuts corporation tax by 2%.

12.50: Income tax and National Insurance will merge as expected.

Will not extend NI to pensioners. "Not increasing taxes, but simplifying them."

Maintain 50% rate of income tax, but this is still a 'temporary measure'.

12.53: Aim to "make Britain the best place in Europe to start a business."

12.57: Agreed a 15% increase in availability of credit for small businesses with banks.

Double investment limits for Enterprise Investment Schemes and raise tax relief to 30%.

Last government introduced a £30,000 charge for 12 year resident non-doms. This will increase to £50,000. Measure will raise £200m.

13.01: Stamp duty levied on mean value of houses within a portfolio.

13.02: £250m shared equity scheme to help first time buyers buy new build properties.

13.10: Green investment bank will have access to £3bn of funds.

13.15: Thanks Hutton for his pensions report. Not universally endorsed in the House.

House recommends similar changes to MPs' pensions.

Simplification of State Pension, introducing a single-tier pension, based on contributions, flat rate. Worth around £140 per week. Will not apply to current pensioners and will take 'years' to implement.

13.18: If 10% of an estate goes to charity, the estate will benefit from a 10% reduction in IHT.

13.19: Tackling tax avoidance. New measures will raise £4bn during this government.

13.21: Nationwide freeze on Council tax over the coming year.

NI rate rise proposed by previous government will go ahead.

13.30: We will only raise the living standards of families if we have an economy for the modern age.

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