Chancellor George Osborne will deliver his first full Budget since last May's general election this afternoon, when he will face the tricky task of trying to promote growth without the stimulus of having any money to give away.
The record deficit still looms large over the UK economy and last month's shock rise in public sector borrowing allied with the stubbornly high inflation figures has highlighted the need to maintain momentum in the battle to reduce both household and national debt.
Of the assorted pre-Budget announcements, most have been focused on things like tax, housing, and pensions and benefits, with relatively little news on what the Budget might hold for businesses.
That said, we know that the main rate of corporation tax will fall from 28% to 27% on 1 April, with more reductions due in following years. Meanwhile, the small companies' rate will fall from 21% to 20%, while the rates of landfill tax, aggregate levy, and climate change levy will increase.
PLEASE REFRESH THIS PAGE FOR THE LATEST ANNOUNCEMENTS LIVE FROM THE BUDGET 2011 FROM 12:30PM.
That's it from the chancellor. We will have expert commentary on today's announcements online this afternoon and in next week's PrintWeek, where the Briefing will focus on more analysis of today's key announcements and what they mean for the UK print industry.
13:30 Osborne wraps things up by saying "This government has put fuel in the tank of the economy and I commend this Budget to the house"
13:25 Rates freeze on excise duties for heavy goods vehicles to help hauliers. Here comes the fuel duty news. The rise in the cost of fuel has "hit small businesses hard" says Osborne. Next week's fuel duty rise will be delayed until next year - and next year's will be deferred until next summer. Annual 1p above inflation rise in fuel duty will be scrapped. Fuel duty will be cut by 1p per litre with effect from 6pm tonight. Fair fuel stabiliser will be introduced that will raise £2bn.
13:21 Osborne says Labour's 1% increase in NI will have to go ahead, but by raising the threshold "it will be cheaper to employ people on less than £21,000 than it is today" - thereby avoiding the "tax on jobs". Personal tax allowance will rise to £8,105 from £7,475 in April 2012. "No more people will be pulled into the higher rate tax band as the result of changes to the personal allowance," he pledges
13:19 Tax avoidance is to be tackled, with the £1bn revenue generated annually from closing tax loopholes used to help hard working taxpayers
13:16 Reforms to gift aid will give a discount on inheritance tax to those who give to charity - up to 10%
13:11 Another 40,000 apprenticeships for young unemployed people in England
13:09 A new green investment bank will have access to up to £3bn of funds to invest in low carbon infrastructure
13:05 21 new enterprise zones to be created in England, with the first 10 to be built in urban areas, including ones in Birmingham, Leeds, Greater Manchester, Sheffield and London
13:03 "Manufacturing is crucial to our economy...and under this government is growing at a record rate," says Osborne. From April this year the small companies R&D tax credit will rise to 200% this year and to 225% next year. The limit on capital allowances for short life assets will be doubled from four to eight years
12:58 Osborne says the 50p tax rate should be a temporary measure although it won't be cut in the coming year when lower income earners are being squeezed
12:56 15% increase in availability of credit to small businesses. Doubling in the size of entrepreneurs relief to £10m. Rate relief holiday for small business to be extended for a year to October 2012.
12:53 £350m of business regulations will be scrapped. No win no fee legal services that "pray on employers" will be restricted. Moratorium on new domestic legislation for businesses with fewer than 10 employees for the next 3 years.
12:51 Corporation tax to be reduced by 2% from 1 April rather than the 1% previously announced and by a further 1% in each of the following three years. "Britain is open for business" declares Osborne. The bank levy rate will be adjusted from next year to offset the effect of the drop in corporation tax
12:49 Osborne says that 43 different tax reliefs are to be abolished on the recommendation of the Office for Tax Simplification (OTS). Income Tax and National Insurance are to be merged. "Our purpose is not to increase taxes, it is to simplify them. It is time we took this historic step to simplify our tax system and make it fit for the modern age."
12:46 Here comes the "vision for growth", with an emphasis on the private sector. Osborne wants the most competitive tax regime in the G20 and for the UK to be the best country in the EU to start, finance and grow a business
12:43 Public sector net borrowing will come in below target at £146bn for the current year, falling to £29bn by 2015/16. National debt forecast to be 60% of GDP this year
12:40 Annual forecast revised to 1.7%, with GDP growth of 2.5% next year, 2.9% in 2013 and 2014 and 2.8% in 2015. The OBR has blamed the change on weaker than expected last quarter of 2010 and rising global commodity prices. Inflation expected to remain in the region of 4-5% for the rest of this year
12:37 Osborne says "Britain has lost ground in the world's economy and needs to catch up. We gambled on a debt-fuelled model of growth that failed. With the state now accounting for half of all income, we cannot go on like this"
12:35 Osborne gets under way. He says the decisions the coalition has already taken have led to economic stability. "This is not a tax raising budget but nor can we afford a giveaway," he tells the house
12:31 A final question gives Cameron a chance to point out that under Labour, the UK was ranked 72nd in the world for wastefulness of government spending, 108th on government debt (behind Malawi even) and 133rd on soundness of banks (behind serbia, estonia, madagascar and chad)
12:30 Last few questions for David Cameron now as George Osborne prepares to deliver his "Budget for Growth"
12:27 A theme is emerging among the staged questions from the coalition side of the chamber - several of which have given Cameron the chance to highlight that it was the previous Labour government that led the country to its current position of record debt
12:25 A friendly question about Private Finance Initiatives (PFI) gives Cameron the chance to point out the exorbitant cost to the public sector of this form of finance
12:20 PMQs moves on to healthcare reform. Osborne shuffles his papers in anticipation
12:16 Cameron says that the chancellor's Budget will deliver "a whole series of measures to fire up the private sector and make sure we get growth right across the economy"
12:15 A soft question gives Cameron another chance to have a dig at Gordon Brown's former treasury partner Ed Balls for the sale of Britain's gold reserves at the bottom of the market
12:13 The mood in the commons is getting a bit more boisterous as Cameron and Miliband exchange blows on Disability Living Allowance
12:10 A question from the coalition side of the chamber recognising the contribution of Marie Curie nurses and supporting low salt week leads to a remark about former prime minister Gordon Brown putting salt on his porridge
12:05 Ed Miliband gets his questions in early with a focus on the no-fly zone and other action in Libya
12:03 David Cameron gets things under way with a tribute to the latest casualty from the British Armed Forces involvement overseas, private Daniel Prior, who was fatally wounded in Afghanistan earlier this week
12:00 The chamber is full and prime minister's questions are about to get under way
11:50 According to coverage in the Financial Times the current feeling on an interest rate hike to combat inflation is that the MPC will have to make a 25 basis point rise in July, rather than August as was previously thought
11:40 Fuel duty remains a big talking point with the average pump price now over 130p per litre. Instability in the Middle East allied with rising consumption means that the price per barrel of crude oil will likely remain high for some time, sparking calls for a reduction in fuel duties or the introduction of a fuel duty stabiliser that would result in a drop in duties when oil prices go up
11:25 One point the City will no doubt be keeping its eye on is whether there is any change to the UK borrowing figure for 2010/11, which is expected to come in at under the predicted £148.5bn, and whether the 2.1% growth forecast for 2011 is downgraded
Former chancellor Alistair Darling became famous for his rose tinted growth forecasts, which were regularly downgraded - an embarrassment George Osborne will hope to avoid
11:15 Under an hour to go now until prime minister's questions - although as usual on Budget today, what the prime minister has to say today will be of secondary interest to the chancellor
