Below we’re posting Chancellor Alistair Darling’s key comments as he makes them in the House of Commons.
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Deputy ed Richard Aucock will also be posting reaction and comment in our special section – click here to be taken there.
[Latest comments appear at the top]
THE BUDGET 2009
1322: Chancellor sits back down. And that’s it. We’ll bring you reaction to the budget as soon as we get it.
1321: Tax free ISAs up for £7200, to £10,200. £5100 can be saved in cash. New limit will be introduced this year for those over 50 an d next year fro everyone else.
1320: Interest rate fall has helped homeowners. But has hit savers, especially pensioners.
1318: Statutory redundancy pay up from £350 to £380 per week.
1317: We are determined to continue building a fairer society. More help for families and pensioners – child tax credit to increase by £20 next year.
1316: Building blocks for recovery have been put in place today, says AD.
1314: Carbon emissions to be cut by 34 per cent by 2020. Give us more detail on scrap scheme!
1310: Capital allowance for businesses doubled to 40 per cent for 2009/10. Broadband network to be extended with investment.
1308: £500m extra funding for house building. £50m to modernise armed forces housing.
1307: Fuel duty to rise 2 per cent in September. Like we need that.
1307: We will retain our standing as ‘world centre of finance’. But it needs more regulation. Reform details to be announced. Increased transparency from banks.
1306: £1bn to help tackle climate change.
1305: Efficiency savings will help fund this. £16bn of property will be sold off.
1304: Capital investment will continue at current high levels.
1303: National debt will fall in 2015/16. That’s one repayment term…
1301: Booze duty up 2 per cent from tonight. Fag duty up 2 per cent from 6pm tonight. Duties will raise £6bn.
1300: 50 per cent tax rate for those earning over £150k from April!
1258: Will scrap scheme be £2k all from Govt? Why no detils in this budget. We need word from Mandelson asap.
1257: Borrowing will be £175bn in 09/10. And £173bn in 2010/11.
1255: Chancellor says Mandelson will give more details on scrappage scheme soon.
1254: SCRAP SCHEME FOR £2k MORE THAN PAPERS WERE PREDICTING. AND SOME LEARNED COLLEAGUES TOO…
1251: SCRAP SCHEME GO. £2k for cars over 10 years old. Time limited to March 2010. Starts next month!
1250: Loss making companies can reclaim taxes paid on profits in last three years.
1249: STAMP DUTY HOLIDAY EXTENDED TO END OF YEAR FOR HOMES UNDER £175k
1247: From Jan everyone under the age of 25 who is long term unemployed will be offered a job or a place in training. Creating 250,000 jobs.
1246: £1.7bn for employment support
1245: We can’t prevent job losses. It will take time for unemployment to start falling.
1244: Inflation expected to continue coming down sharply. To 1 per cent by end of year.
1242: Growth of 1.25 per cent in 2010 expected. We need to play to our country’s strengths.
1241: Govt actions have ‘safeguarded half a million jobs’. Economy will contract this year. Minus 3 and half per cent for GDP growth expected in 2009. Growth will resume by end of year.
1240: We need a clear path to recovery. We need to invest in Britain’s future. No country has been able to insulate itself from worldwide downturn.
1239: There are no quick fixes or overnight solutions, says chancellor.
1237: Reductions in interest rates are having an affect. Mortgages have been reduced. Tracker mortgage holders saving on average £230 a month. Inflation has come down too.
1236: VAT CUT CONTINUES UNTIL DECEMBER – CHANCELLOR CONFIRMS.
1236: Banks able to lend more to home buyers and businesses. Getting credit flowing again is important. Help is starting to come through now.
12.35: Exports down 14 per cent. Germany down 21 per cent. Japan 45 per cent.
12.34: AD expects the economy to start growing at end of this year and confident that Britain can and will be a world leader. This budget will help us seize that opportunity.
12.33: Most serious global economic downturn in 60 years. We will not repeat mistakes of past. Govts across world have taken decisive action.
12.32: AD: Help now to get people back into work and support businesses.
12.31pm: Here we go…
12.23pm: Gordon Brown says he is doing everything he can to help car industry through difficult period and is aware of the problems it is facing.
12.12pm: Gordon Brown and David Cameron slugging it out in PM’s questions before chancellor stands up at half 12.