British Expats - The Budget in Detail.

He detailed the way the Treasury will cut the deficit by a further £40bn on top of the last government's plans, with £32bn coming from cuts and £8bn from tax increases.

1.28: Chancellor finishes emergency Budget, 55 minutes after he began.

1.27: Today, we have paid the debts of a failed past and laid the foundations for a more prosperous future.

1.25: Link between basic state pension and earnings with the pension guaranteed to rise in line with earnings, prices or 2.5%, whichever is the greater.

1.25: We are a progessive alliance governing in the public interest.

1.22: Personal income tax allowance to be increased by £1,000 in April to £7,475.

1.21:The CGT changes should bring in almost £1bn extra, the great majority from additional income tax.

1.19: Capital Gains Tax remains at 18% for low and middle-income savers but from
midnight taxpayers on higher rates will pay 28%.

1.15: VAT rises from 17.5% to 20% from 4 January, 2011.

1.12: Labour's landline tax to fund broadband expansion will be abolished before it's been introduced - instead the Government will support private broadband investment with funding in part from the digital switchover under-spend within the TV licence fee.

1.09: Smaller banks will not be liable for the levy, which when fully in place is expected to raise over £2bn per year.

1.09: From January 2011, the Government will introduce a bank levy, which will apply to the balance sheets of UK banks and building societies and the UK operations of foreign banks.

1.05: British economy open for business. Corporation Tax will be cut next year to 27%, and by 1% annually for the next three years, taking it down to 24%.

1.04: Total welfare shake-up will save the country £11bn by 2014/15.

1.03: The Government will introduce a medical assessment for Disability Living Allowance from 2013 for new and existing claimants.

1.00: Child benefit to be frozen for next three years.

1.00: Health in pregnancy grant abolished from April 2011.

12.54: Public sector pay frozen for two years, but with those earning less than £21,000 to receive a flat pay rise of £250 for each year.

12.51: The Government will look at how to dispose of its shareholding in air traffic body NATS, the student loan book will be sold and the future of the Tote will be resolved.

12.44: The OBR says unemployment will peak this year at 8.1%, then fall each year to reach 6.1% in 2015.

12.44: Country has overspent not been overtaxed says Osborne.

12.43: Office For Budget Responsibility forecasts show growth in the UK economy for the coming five years estimated to be 1.2% this year and 2.3% next year; then 2.8% in 2012, followed by 2.9% in 2013; then 2.7% in 2014 and 2015.

12.40: The Government's "formal mandate' is that the structural current deficit should be in balance in the final year of the five-year forecast period, which is 2015/16.

12.39: Britain is set to miss the Labour government's "golden rule" target by £485bn.

12.36: This is the unavoidable Budget.

12.36: The coalition Government had inherited the largest budget deficit of any European economy except Ireland.

12.33: Chancellor George Osborne begins emergency Budget

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