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Budget 2014: Osborne setting out economic plans Budget: UK is fastest growing economy -George Osborne
(35 minutes later)
Chancellor George Osborne is delivering his Budget speech in the Commons - setting out his plans for the last full year of the coalition government. Britain is growing at a faster rate than any other advanced economy, Chancellor George Osborne has told MPs.
He is expected to unveil measures to shore up economic recovery and help working people with the cost of living. He revised growth forecasts up to 2.7% in 2014 but warned the job of recovery was "far from done".
The amount people can earn before tax is expected to be raised above £10,000. The Chancellor is delivering his fifth Budget in the House of Commons.
Aides stress the package will be "steady as she goes" but the BBC's Nick Robinson said the chancellor had kept a "big secret" to pull from his red box. He is unveiling measures to shore up economic recovery and help working people with the cost of living - and more tax breaks to boost productivity.
He told MPs: "We are putting Britain right but the job is far from done. This country still borrows too much, we still don't invest enough, export enough or save enough."
He added: "This is a Budget for building a resilient economy. If you're a maker, a doer or a saver: this Budget is for you.
"It is all part of a long term economic plan - a plan that is delivering security for the people of this country."
Surprise announcement?
He said the Office for Budget Responsibility was forecasting that the economy would overtake its pre-crisis peak later this year.
The deficit would be lower than expected this year at 6.6% - and he said the government was on track to post a surplus of 0.2% in 2018/19, according to the OBR forecasts.
Aides have stressed that the Budget package will be "steady as she goes" but the BBC's Nick Robinson said the chancellor had kept a "big secret" to pull from his red box.
BBC business editor Robert Peston said the surprise announcement was likely to be in the area of personal taxation.BBC business editor Robert Peston said the surprise announcement was likely to be in the area of personal taxation.
There has been speculation Mr Osborne will push up the level at which National Insurance contributions start being paid or even announce a cut to the 40% income tax rate.There has been speculation Mr Osborne will push up the level at which National Insurance contributions start being paid or even announce a cut to the 40% income tax rate.
Measures predicted to be in Mr Osborne's fifth Budget speech include: Measures announced so far in Mr Osborne's fifth Budget speech include:
The chancellor is also expected to give more details of a proposed five-year cap on structural welfare spending from 2015. On the plans for a cap on welfare spending, he told a packed House of Commons: "Britain should always be proud of having a welfare system that helps those most in need.
The Budget comes amid a strengthening economic recovery, with inflation falling and growth this year projected to be among the strongest of any Western economy. "But never again should we allow its costs to spiral out of control and its incentives to become so distorted that it pays not to work."
Deficit 'priority' He is expected to unveil a cut to bingo duty from 20% to 15%, extra money for flood defences and a requirement for banks to refer businesses whose loan applications they reject to alternative lenders.
The latest official figures, released on Wednesday, show unemployment fell by 63,000 in three months to January. Mr Osborne insisted before the Budget that deficit reduction remained his number one priority, with the ultimate goal of delivering an annual budget surplus before 2020. Critics say he has missed targets and has borrowed billions more than originally planned in 2010.
Business groups have forecast that the UK's total economic output will exceed its pre-recession peak in the second quarter of 2014 after the economy grew by 1.9% in 2013.
But a Treasury source said that despite the economic recovery, the UK was still borrowing too much and difficult decisions would have to be made.
Mr Osborne has insisted deficit reduction remains his number one priority, with the ultimate goal of delivering an annual budget surplus before 2020. But critics say he has missed targets and has borrowed billions more than originally planned in 2010.
In the run-up to the Budget, the government announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election, a proposed rise in the hourly minimum wage to £6.50 and an extension of the Help to Buy Scheme for aspiring homebuyers.In the run-up to the Budget, the government announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election, a proposed rise in the hourly minimum wage to £6.50 and an extension of the Help to Buy Scheme for aspiring homebuyers.
Labour Leader Ed Miliband said families had become £1,600 a year worse off under the coalition - and he urged the chancellor to unveil measures to ease the cost-of-living crisis in his Budget speech.Labour Leader Ed Miliband said families had become £1,600 a year worse off under the coalition - and he urged the chancellor to unveil measures to ease the cost-of-living crisis in his Budget speech.
Labour has pledged that if it wins the next election, it will reinstate the 10p tax rate for low earners and raise the top rate of tax to 50p for those earning more than £150,000 a year.Labour has pledged that if it wins the next election, it will reinstate the 10p tax rate for low earners and raise the top rate of tax to 50p for those earning more than £150,000 a year.
Do you have a Budget question for one of our experts? Email us at haveyoursay@bbc.co.uk adding 'Budget' in the subject heading and including your contact details.Do you have a Budget question for one of our experts? Email us at haveyoursay@bbc.co.uk adding 'Budget' in the subject heading and including your contact details.