13:25: That's it. No mention of grants for Evs or road charging in the
budget but there may be something in the small print.
13:22: £150 boost to child tax credits from April 2011.
13:21: Basic state pension to be re-linked with earnings.
13:19: Income tax threshold rising by £1,000 to £7,475 from April 2011
13:14: "Looking into" the feasibility of a fuel price stabilizer. That was
in their manifesto so why are they only looking into it?
13:13: No increase in alcohol or fuel duties.
13:12: VAT will increase from 17.5 per cent to 20 per cent from 4th Jan 2011
– to a huge amount of boos from the commons.
13:06: Bank levy, from Jan 2011, to raise £2bn a year.
13:05: Good news for the motor indstry - manufacturers in the UK will be
paying less tax.
13:03: Corporation tax cut by 1 per cent a year.
13:02: Total cost of housing benefit to be cut by £1.8bn by end of
13:00: Maximum limits on housing benefit to be introduced.
12:59: Medical assessment for Disability Living Allowance from 2013.
12:58: A number of welfare cuts announced. Child benefit to be frozen for next three years.
12:51: Two year pay freeze for public sector employees earning over £21,000.
12:49: Each Government department will face cuts of up to 25 per cent.
Details will be announced 20th October spending review.
12:48: Spending to fall by £30bn by 2014 versus Labour’s plans.
12:45: Debt interest payments will cost taxpayer quarter of a trillion
12:41: Cutting the deficit needs to come through “lower spending not higher
12:40: Economic growth in 2010 will be lower than forecasted.
12:37: Promises to have deficit under control by the end of this
12:35: George Osborne has been keen to stress that this budget will be harsh
due to the mistakes of the previous government.
12:33: “The unavoidable budget.” George states he will not hide the hard
choices in the small print.
12.30: LIVE budget 2010. George Osborne introduces what he calls “a tough
but fair” budget that will support both business and the poorer elements of
George Osborne will deliver his first budget as Chancellor at 12.30pm on 22nd June. It’s just three months since the last Budget, and drastic cuts are expected to reduce the government’s financial deficit.
We’ll be updating this page live as the Chancellor takes the stand at the House of Commons, keeping you up to date with what effect his plans have on UK motorists.
Osborne is expected to announce cuts in spending to the high-profile Crossrail project in London and adopt a new method of taxing air passengers. But we’ll have to wait until he delivers the news to see what impact his cuts will have on road users.
Read what the previous Labour Chancellor Alistair Darling announced in the previous Budget here.