Live coverage of George Osborne’s emergency budget. Let us know what you think by posting your comments using the form below.

13.28: That’s it – the Chancellor sits down declaring that ‘Prosperity for all is our goal’.

13.26: Child Tax Credit to be increased by £150 above indexation in 2011. Chancellor says it’s a £2bn a year commitment to low income families

13.25: Basic state pension will be re-linked to earnings from April 2011.

13.22: Increase in personal tax allowance by £1,000 from April 2011. 880,000 of the lowest paid workers will no longer pay income tax. People will now be able to earn £7475 before they start paying tax.

13.20: New Capital Gains Tax rate of 28% for top rate earners from midnight tonight.

13.19: Council Tax to be frozen for a year from next April..

13.18: Increase in tax on cider is being reversed.

13.17: No new duties on cigarettes, alcohol and fuel.

13.15: VAT to rise to 20% from January 4, 2011. This will generate £13bn a year of extra revenue by the end of this parliament. Food and children’s items will remain exempt.

13.13: There will be a White Paper on Regional Spending.

13.11: Landline duty to be abolished.

13.09: Bank Levy to be introduced from January 2011. Chancellor expects it to raise £2bn a year – smaller banks will be exempt.

13.04: Corporation Tax to be cut by 1% for the next four years taking it down to 24%.Small Companies Tax will go down to 20%.

13.03: Welfare saving will total £11bn.

13.02: Housing benefit will be restricted and reduced by £1.8bn a year by the end of this parliament.

13.01: Medical testing to be introduced for those claiming disabilty allowance.

13.00: Child benefit frozen for the next three years. Means testing of child benefit rejected.

12.57: State pension age rising to 66 earlier than expected and to rise by CPI and not RPI. The pension switch will save £6bn a year.

12.54: Public sector being asked to accept a two-year pay freeze. This will not apply to the 1.7 million workers earning below £21,000. They will receive a £250 flat rate increase.

12.52: Ministry cuts of 25% over the next four year – they will be set out in an October review.

12.51: Civil List will remain frozen at £7.9m. It will placed under further scrutiny in future years.

12.50: Student loan book will be sold and the future of The Tote will be decided.

12.49: No further cuts in capital spending projects.

12.47: Extra spending cuts of £30bn a year. Public spending to rise to £711bn in 2015/16.

12.46: Net debt 62% of GDP this year. The UK will not join the Euro in the lifetime of this parliament.

12.45: Unemployment will fall for the next four years.

12.44: Reduction should come from spending cuts rather than taxation – the so-called 80-20 rule. Osborne says that his announcements today will see spending reduction account for 77% with tax savings of 23%.

12.43: Jobless forecast figure this year 8.1%, inflation target remains at 2%.

12.42: Growth forecast for this year of 1.2%. Forecast of 2.3% for next year.

12.39: Osborne vows to accelerate the pace of fiscal acceleration. Structural deficit should be in balance by 2015/16.

12.37: ‘We’re all in this together, but everyone will share in prosperity when it returns.’

12.36: He says he is not going to hide the truth from the British people.

12.35: ‘Early action has earned credibilty in the markets and around the world’ according to The Chancellor.

12.34: Osbourne says budget will be ‘tough but fair’ and will protect the most needy.

12.33: The Chancellor gets to his feet and we’re under way.