黑洞社区

13.34 Ed Miliband stands up - it鈥檚 clear he鈥檚 going to make this about living standards. Down in every year since 2010 he says - 拢1,600 worse off on average. 鈥測ou鈥檙e worse off under the Tories.鈥� I鈥檓 going to sign off now to look at the detail in the budget documents.

13.30 He鈥檚 summing up now: 鈥測ou鈥檝e earned it, you鈥檝e saved it 鈥� this government is on your side.鈥� Osborne says the central mission is to deliver economic security. Manufacturing promted, saving supported 鈥� building a resilient economy. Repeats opening mantra: 鈥淭his is a budget for the makers, the builders, the savers.鈥� Osborne sits down to cheers

13.29 Osborne: 鈥淢ost far-reaching reform to pensions since 1921.鈥� It鈥檚 not hard to tell this is a pre-election budget: he鈥檚 going all out for the pensioner vote (they鈥檙e the demographic that is most likely to vote)

13.26 Changing tax implications for defined contribution pensions. 鈥渢rust the people with their own finances鈥�. All this only a step in the 鈥渇undamental reform鈥� I want to see. Pensioners free to draw down as much of their pension pot as they want. A new guarantee that everyone offered free impartial face-to-face advice.

13.25  A pensioner bond available for those 65 and over 鈥� assumption 2.8% for a one year bond. Up to 拢10bn of bonds issued

13.24 Want to help savers by dramatically increasing simplicity of ISAs. Single new ISA 鈥� merging cash and stocks ISAs 鈥� increasing the annual limit to 拢15k, tax-free.

13.23 He鈥檚 on to savers now. I fancy this is going to be his big 鈥渟urprise鈥� of the budget

13.21 Goes further than expected on personal tax allowance: raises threshold to 拢10,500. The higher rate threshold will also rise to over 拢42k next year. He says this means anyone earning less than 拢100k is better off.

13.20 Beers cut by a penny. Pub anyone?

13.18 Osborne on to beers and wine levies now. Intersting tweet coming in from Wes Streeting, parliamentary candidate in Redbridge. He says that Redbridge needs 拢80m spent on its raods alone, putting Osborne鈥檚 拢200m pledge in context

13.16 Also expands support for energy intensive manufactures, including reducing impact of 鈥済reen levies鈥� to stop them being a third of energy costs for energy intensive businesses. Will be interesting to see what green groups think of that.

13.15 On energy now: 鈥淲e need to cut our energy cost through new nuclear power and a shale gas revolution, and renewable.鈥� Above all going to have a 拢7bn package to cut energy cost for UK manufactures. Confirms speculation on cutting the Carbon Floor Price 鈥� save families 拢15 on bills.

13.13 As expected he confirms reduction of business rates to 20%

13.09 Osborne continues on the weather: 鈥淩oads have also taken a battering. I鈥檓 making 拢200m available, which LAs can bid for鈥� 鈥� to fill in the pot holes.

13.08 Further on infrastructure: 鈥溌�270m guarantee for the Mersey Bridge. Tomorrow he will introduce new tax and borrowing powers for Wales to finance infrastructure, including motorway schemes. In addition, as predicted, he will make 拢140m available for immediate repairs and maintenance for damaged flood defences.

13.07 He says he will publish a prospectus for Garden Cities 鈥� interesting, this idea was first promised by the coalition in 2010. Osborne sums up the housing measures:  200,000 new homes for families 鈥� 鈥渨e鈥檙e getting Britain building.鈥�

13.06 鈥淐ountry needs to build more.鈥� We鈥檙e making further reforms to planning g, and half a Billion of finance to housebuilding firms. A finance deal for Cambridge and a 鈥渞ight to build won homes鈥� backed by 拢150m of grants. He mentions the homes in Ebbsfleet, as well as schemes in Brent Cross. In Ebbsfleet 鈥淲e鈥檙e going to make it happen.鈥�

13.05 This is sounding like it鈥檒l be the key section for construction 鈥� now on to Oil and Gas after covering exports

13.04 Osborne 鈥淣eed business to manufacture more, build more and export more.鈥� Expanding the offer from UKTI 鈥� increasing the maximum amount of export finance available to 拢3m

12.59 First substantive measure that will affect the industry: Osborne expands the 15% stamp duty tax on residential property bought in company envelopes. At the moment this is only for homes worth more than 拢2m, this will now cover all purchases of homes worth more than 拢500,000. A few estate agents in Mayfair may be getting sweaty palms at that one

12.57 Osborne saying he can get a further 拢4bn from anti-tax avoidance measures

12.55 Osborne still on welfare spending 鈥� setting out how the benefit cap will work, 鈥淚n future any government wanting to spend more on benefits will be held to account by this permanent cap on welfare.鈥� The rich are making more contribution 鈥� 鈥渨e鈥檙e all in it together鈥�

12.54 Says there will be cuts in the next parliament too. Further 鈥渄ifficult decisions鈥� now being taken to reduce the deficit, while protecting NHS, schools and overseas aid. Osborne pledges to make 拢1bn revenue spending reduction for 2015/16 permanent.

12.52 Osborne 鈥淭here are those here today who say 鈥渆ase up鈥� 鈥渂orrow more. It would be a huge mistake 鈥� we鈥檙e not going to let that happen.鈥� 鈥淏ritain is not going back to square one.鈥�

12.50 Osborne says he has asked the OBR to look at 鈥減otential emerging risks in the housing market鈥� 鈥� he鈥檚 clearly worried about a bubble. So why did he extend Help to Buy at the weekend?

12.48 National debt will peak at 77.8%, lower than the predicted 80% debt peak. Osborne says the deficit reductions will save 拢42bn in interest payments

12.47 Osborne says tough decision still needed, despite improvements

12.46 IMF says we are achieving the largest reduction in deficit of any major economy. This year deficit 6.6%. next year 5.5%, reaching 0.8% in 2018. By 2019 there will be no deficit at all. 鈥淏ut only if we work through the plan.鈥�

12.43 Osborne hails A 24% fall in employment claimant count in just one year. OBR forecast unemployment down to just 5% from 8% in 2010. Country can afford an increase in the minimum wage

12.40 OBR says the economy will be larger than before credit crunch at some point this year. Osborne says no major economy in the world growing faster than the UK

12.37 OBR revising up growth forecasts again. Growth in 2014 of 2.7%. the biggest upward revision to growth between budgets for 30 year. Next year 2.5%. Returns to long term trend in 2018. Economy 拢16bn large than forecast four months ago.

12.35 He says: 鈥淗ard-working people get more of what they earn, and more of what they save.鈥� It鈥檚 clear already that incentives for savers will be a big part of the budget

12.32 Osborne starts with 鈥�Economy recovering faster than forecast. Together with the British people we held our nerve. But he adds 鈥淭he job is far from done.鈥� This budget for 鈥渕akers, doers and savers.鈥�

12.30 Osborne stands up to cheers from the coalition benches

12.09 Despite all of these predicted measures, probably the most excitement 鈥� certainly for Osborne himself 鈥� is likely to come from presenting the latest economic figures and forecasts. Finally to be able to revise some things up, not down.

The key stats for the industry will be projected public sector gross investment for 2014/5, set at 拢51.8bn in the autumn statement, with 拢52.4bn projected for the following year. Osborne鈥檚 previous budgets have tended to see capital spending figures rise from previous predictions, it will be interesting if that trend continues.

11.51 Welcome to 黑洞社区鈥檚 coverage of today鈥檚 budget, George Osborne鈥檚 fifth. To say this one is eagerly awaited would be to overstate it somewhat - whatever the BBC鈥檚 Nick Robinson will tell you 鈥� but it will be fascinating to see how Osborne plays it.

The speculation in advance of the budget has been around how little it is likely to contain: with the economy picking up there is less need for new initiatives to help failing businesses, and with a general election looming the coalition parties are likely to be more inclined to keep their best stuff under wraps for their manifesto.

Nevertheless, the build up has followed the pattern of recent years with a number of key announcements made in the preceding few days, including a major one around 鈥� it was previously due to run out in 2016. In addition 拢200m has been promised to fund a development corporation to build a 鈥済arden city鈥� in a big quarry in Kent 鈥� yes the same scheme that New Labour and Land Securities spent a decade trying to get off the ground.

For the construction industry probably the most significant moment will be when Osborne reveals 鈥� either in the speech of the accompanying budget documents 鈥� whether he intends to press ahead with the trailed clamp-down on bogus self employment ( this morning), which contractors fear could make a huge difference to labour costs.

In addition there will undoubtedly be more on capital spending in individual departments, with flood defence expected to receive another 拢140m on top of the 拢130m pledged in February, and road and school spending also seen as favourites.

For other expected measures, such as a freezing of the level of the Carbon Price Floor, which hits materials manufacturers, see Will Hurst鈥檚 from last week.

I鈥檒l be updating this as we go along today 鈥� so keep refreshing for the most up-to-date news and analysis of today鈥檚 speech, which kicks off at 12.30.