Chancellor George Osborne will today deliver his latest budget and is, yet again, tasked with promoting growth without the stimulus of money to give away to catalyse it.
As the UK continues to recover from the financial meltdown of 2008 and 2009, Osborne will outline how much tax the Government will collect, how much the Government will borrow and how much the Government will spend.
The day starts with mixed news. Notably that the Office for National Statistics (ONS) is expected to reveal that national debt has risen back above the £1 trillion mark, news that was expected though no less significant.
On a more positive counter however, economists predict that British government borrowing will next year fall below £100bn milestone for the first time since 2008/9.
For UK print, the National Loan Guarantee Scheme (NLGS) which will provide £20bn of low interest loans to SMEs over the next two years, as well as the £1bn Business Finance Partnership for "mid-sized businesses" are two measures expected to be outlined today.
We'll keep you updated with the Osborne's Budget and what it means for print, as well as developments from Prime minister's questions (PMQs) as they happen.
PLEASE REFRESH THIS PAGE FOR THE LATEST ANNOUNCEMENTS LIVE FROM THE BUDGET 2011 FROM 12:30PM.
13:30 "We have kept to our defecit plan. No country will adapt as the British will adapt. This country has borrowed its way into trouble and it will earn its way out," as Osborne commends his Budget to the house.
13:29 " This coalition has not settled for a do-nothing Budget," he says.
13:28 1m low-paid already taken out of tax since previous changes. Largest ever increase in personal allowance., of £1,300. People can earn up to £9,205 per annum before paying tax.
13:22 From April next year, top rate of tax will be cut to 45%. No chancellor can justify a tax rate that damages.
13:20 50p tax rate highest in G20. "Harming British economy," says Osborne. This rate can only be justified if it makes money. This rate has caused massive distortions. £16bn of income was purposely shifted into previous tax year.
13:18 Alcohol duty rates not changed. Tobacco duty rising by 5% above inflation - equal to 37p on a packet of cigarettes. Change from 1800 today.
13:15 Lowest paid taken out of tax altogether.
13:14 Fuel and vehicle duties: Ease of burden on motorists but no changes to plans already set out.
13:11 Addtional cuts not to benefit banks.
13:10 Corporation tax rate of 24% from next month, 22% by 2014 - biggest sustained cuts in a generation. 18% lower than US and 8% below Germany. A rate that puts country in sight of 20% for business tax.
13:09 Osborne says tax on small companies has been cut to 20%. Support for R&D for smaller firms already in place. Above the line credits from next year and double grant limit for other start-ups.
13:07 From 2014, 20m tax payers will be told how their tax contributes to public spending.
13:03 We need further tax reform, fit for the modern world. Radical change in tax form smallest firms. Proposal of taxing these on the cash that passes through these firms. Valid for those of turnover up to £77,000.
13:01 We are offering record number of apprenticeships and loans for young people to start businesses.
13:00 We will introduce legislation to relax Sunday trading laws from July 22 for eight weeks
12:58 "We need strong technology infrastructure, such as super-fast Broadband, to achieve this. We are funding this in 10 of the UK's largest cities," he says.
12:56 Osborne: "We shouldn't be shy about identifying our successful industries. We are cutting tax on patents. We will turn Britain into Europe's technological centre."
12:55 24 enterprise zones are going ahead across England. Osborne wants other parts to benefit. Enhanced capital allowances for business in Dundee and other part of Scotland and Northern Ireland.
12:52 We are working with our great cities such as Manchester to promote growth-enhancing infrastructure. We are working with local areas to support their ideas, says Osborne.
12:51 Osborne says the country must confront the lack of airport capacity in the South East of England. Plans to be set out in summer.
12:48 NLGS will make £20bn available to small business. Alternative source of finance to banks, Business finance partnership being increased by 20%
12:46 "Gold holdings have risen in value to £11bn," he adds.
12:45 "This year is the 400th anniversary of the modern Treasury. Investors have confidence in Britain to pay its way," he says
12:43 Osborne on state pension age: "Automatic review, details published this summer".
12:42 We are on course for debt to be falling as a percentage of national income in coming years, according to Osborne.
12:41 Osborne says borrowing will fall to £21bn by 2016-17. This will be used to pay down debt.
12:40 "The Budget defecit stood at 11% when we came to office. Today that is falling and will reach 7.6% next year. We do not need to tighten further. It is a fiscally neutral Budget," he adds.
12:38 The OBR has forecast 1m new jobs in the economy over five years.
12:35 "There are positive signs. The British economy has carried more momentum into the new year than expected. Growth forecast raised up to 0.8% for this year," he says.
12:31 "This Budget rewards work. It unshamedly backs business. This Budget reaffirms our committment to dealing with Britain's debts," says Osborne.
12:30 The 2012 Budget begins.
12:25 Cameron on families on affordable housing: "We do want to get our housing market started again. We are doing more to kick-start places that have planning permission that cannot get underway."
12:18 Cameron on Regional Growth Fund and Rio Tinto mining company: "We need more jobs in our economy. But since the election, fewer people are on out of work benefits than at the time. With the North-East, let us talk it up not talk it down".
12:15 Cameron responding to Ed Miliband on riot acts payments, or lack-of, following the London riots eight months ago: "I will put information about where we are with the Riot Damages Act and look into individual cases".
12:08 Cameron on Air Ambulance fundraising: "We are providing £3bn a year on tax relief for charities.
12:05 Echoing his initial comments this time last year, Cameron pays tributes to the latest casualties of the British Armed Forces involvement in Afganistan
12:00 Prime Minister's Questions has started
11:40 Not long until prime minister's questions kick off - Chancellor George Osborne appears on the steps of 11 Downing Street with the iconic red Budget box in tow.
