Live updates as Chancellor of the Exchequer Alistair Darling unveils this year’s budget.

13.22: That’s it – Mr Darling sits down.

13.21 Capital Disregard on pension credit raised to £10,000.

13.20: Winter Fuel Allowance will be extended.

13.18: Child element of Child Tax Credit going up by £20 from April next year.

13.16: New power plants exempt from Climate Change Levy from 2013.

13.15: There will be a further £4 billion investment in renewable energy projects.

13.15: £525 million new support for offshore wind over the next two years.

13.14: £435 million to deliver energy efficiency.

13.14: Mr Darling calls it the first ever ‘Carbon Budget’.

13.13: Two new ‘City Region’ pilot schemes for Leeds and Manchester.

13.11: Extra investment for North Sea oil exploration.

13.09: £50 million investment in housing for members of the armed forces.

13.08: £500 million extra support announced for house building.

13.06: Extra £1 billion to help combat climate change.

13.05: Capital Investment to be 1.25 per cent of GDP from 2013.

13.04: Fuel duty to rise by 2p a litre from September.

13.02: Alcohol and tobacco duty is going up by two per cent from midnight tonight.

13.01: New tax rate of 50 per cent for those earning more than £150,000 from next April.

13.00: Chancellor will restrict Pension Tax Relief for those earning more than £150,000 from April 2011.

12.58: Public Sector Borrowing will fall to 9.1 per cent by 2011-12.

12.57: Public Sector Borrowing will be £175 billion this year – that’s 12 per cent of GDP.

12.56: ‘Tax revenues will take some years to come back up’

12.55: Mr Darling now turns his attention to public finances.

12.53: £2,000 scrappage scheme on cars over 10 years old will be introduced next month.

12.51: Stamp duty ‘holiday’ on properties under £175,000 will be extended until the end of the year.

12.49: An extra £400 million is to be provided to help keep those youngsters who want to stay in education.

12.48: Under 25 long-term jobless will either be offered a job or extra training from January.

12.47: JobCentre Plus network to get an additional £1.7 billion.

12.46: ‘People’s greatest fear is their loss of job or home’. It will take time for unelpoyment to start falling, says Mr Darling.

12.45: Inflation target remains at two per cent and is expected to keep falling.

12.44: Chancellor expects economy to grow by 3.5 per cent from 2011.

12.43: He expects the economy to grow by 1.25 per cent in 2010.

12.42: Chancellor expects GDP to go down by -3.5 per cent this year having fallen 1.6 per cent in the last quarter of 2008.

12.40: He says there are no quick fixes or overnight means of a quick recovery.

12.39: He says that low inflation will mean income will go further.

12.38: Chancellor believes getting credit flowing is essential to economic global recovery.

12.36: Mr Darling painting the picture of the global recession detailing the collapse of economies across the world.

12.35: Chancellor expects economy to start growing towards the end of the year.

12.33: He promises budget will speed up economic recovery and provide jobs.

12.31: Mr Darling rises to his feet as he faces one of the biggest tests of his political career.

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