As it happened: Budget 2014

Live text

Reporting:

  • Ian Pollock 
  • Edwin Lane 
  • Kerry Alexandra 
  • Keith Moore 
  • Victoria King 

Last updated 19 March 2014

BREAKING KEY POINTS

  • George Osborne delivers his Budget
  • Huge changes for savers and prospective pensioners
  • Personal tax allowance to rise to £10,500 in 2015
  • Annual Investment Allowance for businesses increased
  • New Isa with an annual tax-free savings limit of £15,000
  • Fuel duty frozen, bingo duty halved and a penny off a pint of beer

STANDARD 0600

Ian Pollock, Business reporter, BBC News

Good morning from the pipers at the gates of dawn. Today's Budget will be a Budget for [insert your own election-winning slogan here]. We'll have full coverage.

STANDARD 0600

Edwin Lane, Business reporter, BBC News

And it's good morning from me too. We'll be doing our best to dig out some non-Budget news this morning as well - like the latest UK unemployment figures, out at 09:30. Also get in touch with us at bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

STANDARD 06:03 BUDGET

bingo

George Osborne will deliver a Budget for a "resilient" economy later, the BBC has learned from Treasury sources. BBC political editor Nick Robinson said Mr Osborne will focus on what he sees as the UK's historic economic weaknesses, particularly the need to increase manufacturing output and boost exports. There might also be a cut to duty on bingo - clearly a weak spot in the UK economy.

STANDARD 06:06 OUTRAGE!

Radio 5 live

Rob Wood of Berenberg Bank commits heresy on Wake Up to Money. He says it's a bit hard to get excited by the Budget! How very dare he. Actually, he is referring to the fact that so much is announced in advance, for instance in the preceding Autumn Statement, and through various leaks.

STANDARD 06:10 NEW POUND COIN

New pound coin

We're going to have a new pound coin! Lovely. A bit like the old thruppenny bit. I can remember when thruppence was the cheapest fare on the London Underground.

STANDARD 06:15 NEW POUND COIN

Radio 4

Political correspondent Gary O'Donoghue tells Today's Evan Davis that he's just about young enough not to remember the thruppenny bit. Evan is presenting the programme from the check-in area of Newcastle airport this morning - which he says is a good place to judge the health of the economic recovery.

STANDARD 06:23 BUDGET

Radio 4

Political correspondent Gary O'Donoghue's tip is to look out for the growth figures and forecasts from the Office for Budget Responsibility (OBR) later. He says there are suggestions they will be better than even the chancellor could have hoped for.

STANDARD 06:29 NEW POUND COIN

The question is this: Is the new pound going to be worth less than the old thruppenny bit? I doubt it, but if we have the time we will check the figures.

STANDARD 06:40 UNEMPLOYMENT

job centre

The latest unemployment figures are also due out later. They are expected to show that unemployment fell again. Yesterday employment minister Esther McVey was given a slap on the wrists by the UK Statistics Authority for suggesting that unemployment has fallen by 400,000 since the coalition government came to power. It's actually fallen by 7,000 or risen by 12,000 depending on when you start from.

STANDARD 06:43 YELLEN

BBC World News
Janet Yellen

The newly installed boss of the US Federal Reserve, Janet Yellen, will speak after chairing her first Fed meeting today to discuss the winding down of the massive US stimulus measures. Her words can move global financial markets, says the BBC's Michelle Fleury in New York. The Fed still isn't expected to raise interest rates until at least mid-2015, despite falling unemployment.