1329: Osborne has sat down after an hour of speaking.
1328: "The government is on your side [...] We are taking the next steps on the economic plans. This is a budget for makers, for doers and for savers."
1327: "We're backing a Britain that saves," Osborne says.
1325: Cash ISAs and stocks ISAs will be merged to create a single ISA. Limit raised to 15,000 pounds from July. Junior ISA limit lifted to 4,000 pounds. New pensioner bond launched paying market rates.
1319: Basic personal allowance to rise to 10,500 pounds next year, as expected. Higher rate threshold to increase to 41,865 pounds.
1316: Fuel duty rise in September scrapped. Duty on fixed-odds betting terminals to be lifted to 25p per cent. Bingo duty halved from 20 per cent to 10 per cent. Cigarette and alcohol duty escalators scrapped. Beer duty to reduce by one per cent.
1314: Osborne announced 7bn-pound package to cut energy bills for manufacturers. More needs to be investment in new sources of energy to keep British manufacturing competitive.
1312: The annual investment allowance will be doubled to 500,000 pounds and extended to 2015. This will cost 2bn pounds.
1304: On building: 150m pounds now available to help self-builds; Help to Buy extended until 2020; new garden city planned at Ebbsfleet. These should support the construction of 200,000 new homes.
1258: On tax avoidance, Osborne said: "We are expanding the new tax we introduced to stop people avoiding stamp duty by owning homes through a company [...] From midnight tonight anyone purchasing residential property worth over half a million pounds through a corporate envelope will be required to pay 15 per cent stamp duty."
1253: Income inequality is at its lowest level in 28 years and the rich are making the biggest contribution to reducing the deficit.
1250: Osborne says Britain needs to run an absolute surplus in good years. "We will fix the roof when the sun is shining to protect Britain from future storms".
1247: New 12-sided pound coin has been introduced as the current one is now vulnerable to forgery.
1245: Debt will peak at 78.7 per cent in 2015-16, compare with the previous 80 per cent forecast. Interest payments on debt will be lower than forecasts.
1242: IMF has revised its forecasts for the UK deficit lower in every year. 6.6 per cent in 2014, 5.5 per cent next year. OBR expect a surplus in 2019.
1239: OBR forecasts 1.5m more jobs over the next five years. With a record number of people now in work, Osborne says that earnings should rise in real terms.
1236: OBR has revised up forecasts again. GDP to grow 2.7 per cent in 2014, up from the December forecast of 2.4 per cent. GDP to rise 2.3 per cent in 2015 (expected: 2.4 per cent), and 2.6 per cent in 2016 and 2017 (expected: 2.5 per cent).
1234: George Osborne takes the stand. Recovery "faster than forecast", he says. "After the mess that was left, we are putting Britain right".
1225: There's just five minutes to go until Osborne steps up to the Despatch Box. David Cameron is currently answering the weekly Prime Minister's Questions.
1213: George Osborne will deliver his fifth Budget at 12:30 on Wednesday which he has promised is designed for a "resilient economy". When the Chancellor delivered his last Budget 12 months ago, the economy was still at risk of falling into a triple-dip recession and official gross domestic product (GDP) estimates were cut dramatically.
The outlook for the British economy is now much more positive. However, the Office for Budget Responsibility may lower its medium-term GDP forecasts, leaving Osborne with scant 'wiggle room' to provide any sweeteners to taxpayers. Thus, analysts widely expect that Wednesday's Budget will be more of a political affair than an economic one given its proximity to the General Elections in 2015.
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