Budget update - get our views on the budget as the Chancellor speaks!

13.30 - And its all over - Chancellor has pitched his plans that most of us will do well with Labour, with it all being paid for by the very few - I guess he is not expecting to loose too many votes there!

13.30 - Huge cheer as Belize is included in a tax avoidance schemes deal. Now those with small children are getting extra support, and pensioners see pensions increase and fuel bills allowance held at the higher level agreed last year, rather than being reduced as previosly planned

13.26 - £35bn innovation fund for univerisities - Actually the bankers can't be happy - the things their bonus tax have paid for is amazing! They should be feeling very worthy! Child tax credit increases for the under 2's.

13.24 - Well so far its been a fairly pain free budget - lots of businesses supported from film making to energy - in fact I think its only cider makers who will be really unhappy - but I guess this close to the election thats what we should expect. But can we really afford it!

13.22 - High speed rail links and road building received support and investment - good news for pothole management! Investment in new power stations, wind farms through a £2bn investment bank and high speed broadband.

13.17 - New fund to be established to help SMEs grow - part funded by banks. Range of extra support for small businesses, from programme for delaying taxes. Business rates reduced for a year for small businesses. Investment allowances increased to £100,000 annually, entreprenurial allowances increased to £2mn of lifetime worth


13.12 - Further drive on effeciency of the civil service (15,000 jobs to be moved from London) - £20bn of savings are forecast. Housing benefit will exclude the most expensive properties. Student Loan book, Dartford Crossing and Tote remain on course to be sold. Promises access to finance for SMEs through RBS and Lloyds providing £94bn of loans. Credit referral scheme for SMEs who want to appeal against the banks credit decisions.

13.07 - Top earners are to be hit with more additional reduction in pension relief, and he points out that the majority of additional tax raised has come from the top 5% of earners. No changes in allowances for most of us and VAT remains as is. Beer, wine and spirits see expected 2% rises, apple growers and cider producers will be appalled by a 10% increase in duty. Tobacco up 1% above inflation. Fuel tax increases will be implemented in stages - mostly past any election date!

13.02 - One point missed to date is the promise that everyone can access a basic bank account - good use of the governments ownership of the banks, but surely there are more ways they could use this opportunity.

12.57 - Forecasts for growth is tweaked (3-3.5% now for 2011)- a win for the Chancellor, as many had claimed he was being very optimistic last year, and would need to make a much larger adjustment. Is staging the planned petrol tax rises (what a surprise - that means the major impact is after the election!!). Borrowing forecasts fall by £11bn, which gives him more wriggle room, and future years forecast are changed - all in the right direction. Saying that the govt defecit will be halved in the next term of government.

12.52 - Extra aid for younger workers and those facing home repossession will be extended. First time homeowners get stamp duty removed for purchases up to £250,000, paid for by homeowners with homes worth more £1m who will see rate increased to 5%. Labour love it , and it will go down well with a large portion of the electrate - both first time buyers and their parents!

12.47 - Claiming now that good management by him, businesses and workforces help ensure unemployment is lower, and less benefits being claimed than when the Tories were in power. Is now going to target in the most needy groups (older and younger workers), and mentions that enforced retirement may be scrapped.

12.42 - Clearly setting out now that global rather than national action is required to tackle banking regulation. This years bonus tax raised £2bn, but in future likely to be a global fund. This could be controversial long term - how will we feel if our taxes are bailing out Greece or Iceland?

12.37 - So he is sticking with the fundamentals he has set out before. The first news is 2.5bn investment for small business paid for by the bank bonus tax - that will go down well with the small business community, who feel their charges and interest rates are funding those bonuses in the first place!

12.32 - And we are off - will a bit of electioneering preamble about what a good he's done over the past year - and to explain what a tough job he's now got

12.25 - The feed from the Commons show the Chancellor sitting calmly beside the PM as we head towards the end of Question Time - Packed house awaits!

12.15 - Good afternoon all - I'm Mark Bower, founder and Managing Director of moneymaxim, and I'd like to welcome you to our budget special - giving real time analysis and views of this years budget, and what it means to you...please feel free to post your queries and questions as we go through the afternoon