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Live Reporting

By Dan Macadam and Karen Hoggan

All times stated are UK

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  1. Osborne coins it

    Chris Johnston

    Business reporter

    George Osborne

    Speaking of chancellors, as we have been all day, Philip Hammond's predecessor George Osborne appears set to make quite a tidy sum when he joins BlackRock, the world's largest fund manager. 

    He will earn £650,000 a year for four days a month - no, not a week - for his efforts. 

    Mr Osborne's remuneration was revealed today in the Commons register of MPs’ financial interests .

    The register also discloses that he raked in close to £800,000 last year for giving 15 speeches.

  2. Hunt: Social care funds will help NHS

    BBC News Channel

    Jeremy Hunt

    Health Secretary Jeremy Hunt is asked what impact people would see from the extra £2bn for social care in the Budget.

    He hopes it'll mean more people can receive grants from councils for their social care.

    It will also take "a lot of pressure off" NHS hospitals, which haven't been able to discharge patients because they can't receive care locally, he says.

    Labour argues the NHS also needed a significant cash injection in the Budget. 

    Such funding "can only come from a strong economy" and strong public finances, Mr Hunt says. There was still an extra £300m for modernising the NHS and £100m for A&E departments, he adds.

  3. 'Budget doesn't help ethnic minorities'

    Sterling notes and coins

    Today’s budget has done nothing to improve the lives of black and minority ethnic families, according to independent race equality think tank, the Runnymede Trust.

    The initial assessment of the Budget's impact on ethnic minorities "does not look good", said director Omar Khan.

    "The 2% rise in National Insurance contributions for the self-employed will hit those working on low wages with little security in the gig economy. These workers are more likely to be ethnic minorities," he added.

  4. What do small retailers think?

    BBC News asked five shopkeepers to explain how Chancellor Philip Hammond's Spring Budget affects them.

    Video content

    Video caption: Budget 2017: Shopkeepers give their reaction
  5. Small firms slam NICs hike

    Quote Message: The National Insurance rise to 10% next year and 11% in 2019 should be seen for what it is - a £1bn tax hike on those who set themselves up in business. This undermines the Government’s own mission for the UK to be the best place to start and grow a business, and it drives up the cost of doing business. Future growth of the UK’s 4.8 million-strong self-employed population is now at risk. Increasing this tax burden, effectively funded by a reduction in corporation tax over the same period, is the wrong way to go. from Mike Cherry National chairman, Federation of Small Business
    Mike Cherry National chairman, Federation of Small Business
  6. Sterling falls following Budget

    Pound, dollar and euro notes

    The pound is down against the US Dollar following the Budget.

    It's fallen by 0.41% to 1.2150.

    "There's been some optimism over the upward revision to growth this year, and the lower budget deficit forecasts over the period is obviously favourable for the fundamental picture," said Lee Hardman, an economist with MUFG in London. 

    "But overall the main message is yes, that the budget deficit is coming in below their previous forecasts, but they're choosing to save the improvement in the budget deficit rather than to spend those funds, so for the economy that's fairly neutral." 

    Sterling's also down by 0.21% against the  euro  at 1.1523 euros. 

  7. Lucas: Budget 'complacent' to challenges

    BBC Radio 5 live

    Caroline Lucas

    Green Party co-leader and Brighton MP Caroline Lucas has accused the Chancellor of delivering an "incredibly complacent budget that simply misses some of the biggest challenges we face". 

    She told BBC Radio 5 live's Tony Livesey air pollution was a "public health emergency" that had not been tackled. Mr Hammond also did not mention anything about public transport investment, she said. 

    “It was a squandered opportunity to do things like increasing Vehicle Excise Duty for new diesel vehicles."

  8. Markets muted after Budget

    London Stock Exchange sign

    There was little change on the London markets following the Budget.

    The  FTSE 100  edged down by a mere 4 points or 0.06% to 7,334.61. 

    The FTSE 250 rose slightly to 18,931.07, an increase of 45 points or 0.24%.

  9. Promises row

    Spectator editor, Fraser Nelson, suggests the Chancellor faces a political backlash over plans to raise national insurance bills for self-employed workers:

    View more on twitter
  10. 'Right thing to do'

    BBC News Channel

    Mark Littlewood and Torsten Bell

    But Torsten Bell of the Resolution Foundation backs the Chancellor's decision to increase National Insurance on self-employed workers.

    Raising their national insurance bills is politically difficult and breaks a Conservative 2015 manifesto pledge, says Mr Bell (right). 

    But it's also the "right thing to do".

    The self-employed now have many of the same rights as those in full-time employment, so it's fairer and better for the public finances to tax them more, he says.

  11. 'Defused one bomb, but exploded another'

    BBC News Channel

    Mark Littlewood

    Increasing the tax bills for the self-employed is politically explosive, says Mark Littlewood, director general of the Institute of Economic Affairs. 

    The Chancellor "defused one bomb" by providing relief for business rate rises, Mr Littlewood says. 

    "But he has definitely exploded another bomb with this rise in NICs [National Insurance Contributions] for the self-employed," Mr Littlewood adds.

    Given that the measure will only raise £145m, he questions if the political risk is worth it.

  12. A safety first Budget - but does it stack up?

    Man watching Budget on smartphone

    Budgets can change the political context overnight. This wasn't one of them. That doesn't mean however the government will escape unscathed.

    A safety first Budget - but does it stack up?

    Man watching Budget on smartphone

    Budgets can change the political context overnight. This wasn't one of them. That doesn't mean however the government will escape unscathed.

    Read more
  13. Help for pubs a 'good first step'

    People siting outside a pub

    The Chancellor gave £435m of support for pubs and small businesses affected by next month's change in business rates. 

    The Association of Licensed Multiple Retailers (ALMR) represents brands, including Pizza Express and Yo Sushi, as well as independent firms with only a couple of outlets. It welcomes Mr Hammond's move and says it's a "good first step on the road to permanent reform".    

    "This much-needed government support will save the sector over £24m and will help safeguard investment and jobs," says AMLR chief executive, Kate Nicholls. 

    “The next step is for the government to instigate the long term, root and branch reform that is needed for pubs and bars and the ALMR is keen to work closely with them to achieve this,” she adds.

  14. 'A mug's game'

    Does the uncertainty around Brexit make the OBR's forecasts more difficult?

    Chief executive Robert Chote says that predicting quarter-on-quarter growth is always a "mug's game".

    "It's not appreciably more a mug's game as a result of this," he says.

    Earlier, some of the difficulties were illustrated in this chart - which one journalist dubbed the "flamethrower of uncertainty".

    View more on twitter
  15. In the small print

    A few standout details in the OBR's forecasts :

    • It predicts that leaving the EU will slow the pace of import and export growth for the next 10 years
    • There's no allowance for a "divorce settlement" from EU exit-related payments
    • Household incomes will stagnate this year amid rising inflation (see the black line in the chart below)
    Real income growth chart
  16. Price of tobacco and alcohol to rise

    Bottle of wine and corkscrew

    So just what will changes to so called "sin taxes" mean at the till?

    Well, in line with previously planned upratings in duty on tobacco and alcohol, a packet of 20 cigarettes will cost you 35p more from 6pm tonight.

    It'll cost 42p more from tonight for a 30 gram pack of hand rolled tobacco. 

    From Monday 13 March a pint of beer will cost 2p more.

    A bottle of whisky will go up by 36p, while a bottle of gin will rise by 34p.

    Cider will be 1p more and still wine 10p more.

  17. Diageo calls for whisky duty hike to be scrapped

    Dieago Whisky collection
    Quote Message: It is staggering that the Prime Minister stood up in Scotland only on Friday and said that Scotch Whisky is “a truly great Scottish and British industry… and directly supports tens of thousands of jobs”, and just five days later her Chancellor hammers this industry at home. Tax on Scotch Whisky is now so high – nearly 80% of the price of an average bottle will go straight to the Government. We are calling on the Government to reverse this punitive tax hike and fundamentally overhaul what is clearly a flawed excise duty system. from Charles Ireland Managing director, Diageo Great Britain
    Charles Ireland Managing director, Diageo Great Britain
  18. Carswell: Scrap 'daft' business rates system

    BBC Radio 5 live

    Douglas Carswell
    Image caption: Douglas Carswell

    UKIP MP for Clacton, Douglas Carswell, has called for the current business rates system to be scrapped. 

    It comes after chancellor Philip Hammond announced plans in the budget to provide extra relief for pubs and small businesses struggling with their business rates bill.

    Carswell told BBC Radio 5 live  that basing the rate on property was "daft", as businesses "may be generating custom without actually having expensive premises". 

    "I would personally like to scrap the system and come up with a system where businesses are taxed on the size of the business, on the value... rather than the premises that they happen to be locating", he said.