Energy Voice will bring you budget news as it happens. Check back later today for all of the industry reaction and tomorrow for in-depth analysis.
Budget Live:
– Chancellor George Osborne says outlook for global economy is “weak”.
– He says in this Budget the Government will “redouble its efforts” to make Britain “fit for the future”.
– Chancellor George Osborne said Britain is well-placed to cope with global “headwinds” as long as we “act now so we don’t pay later”, as he outlined his 2016 budget.
– Mr Osborne said: “In this budget we choose the long term. We choose to put the next generation first. Sound public finances to deliver security, lower taxes on business and enterprise to create jobs. reform to improve schools, investment to build homes and infrastructure – because we know that’s the only way to deliver real opportunity and social mobility.”
– Osborne insists there will be no backing away from plans to wipe out the deficit despite “headwinds” in the global economy.
– Today’s budget is expected to be one of the tightest, but the Chancellor insists his government has “stuck to the task”.
– Office for Budget Responsibility (OBR) downgrades forecast of UK economic growth in 2015 from 2.4% to 2.2%.
– Figures are also revised downwards fir the following years – from 2.4% to 2% in 2016, from 2,5% ti 2,2% in 2017, from 2.4% to 2.1% in 2018 and from 2.3% to 2.1% in both 2019 and 2020.
– Chancellor also uses his budget speech to argue that Britain will be “safer, stronger and more secure” if voters choose to remain in the EU in the referendum.
– The Chancellor said the Government would be seeking to save an extra £2.5billion by 2019/20.
– Mr Osborne said he will be introducing additional spending cuts totalling £3.5 billion by 2020 – lower than the £4 billion predicted when he said they would amount to around 50p in every £100 the Government spends.
-Chancellor says he will reduce corporation tax.
-Britain is “blazing the trail”.
– Corporation tax will be reduced by 17% by April 2020.
– Chancellor to cut Supplementary tax from 20% to 10%
– Petroleum Revenue Tax (PRT) to be “abolished”.
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