LiveThe Budget with live analysis from experts at Brewin Dolphin

First published in News
Last updated

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1:33pm

Andy Richardson - Business Editor The Northern Echo

Plenty to pick over there - going to be a busy afternoon - some good stuff for savers and NE manufacturing/heavy industry. 

1:30pm

Andy Richardson - Business Editor The Northern Echo

Osborne concludes by repeating his Budget for "doers, savers and makers" line. 

1:30pm

1:29pm

1:29pm

Andy Richardson - Business Editor The Northern Echo

Osborne: "You have earned it, you have saved it, and the government is on your side."

1:28pm

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1:23pm

Andy Richardson - Business Editor The Northern Echo

Savers boosted: New pensioner bond for over 65s, cap on premium bonds raised 
 

1:23pm

1:23pm

1:22pm

Andy Richardson - Business Editor The Northern Echo

Savers boosted: Isa limit raised to £15k pa from July 1, £4k for kids version 

 

1:21pm

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1:18pm

Andy Richardson - Business Editor The Northern Echo

1p off a pint for second year running - clink. 

1:18pm

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1:16pm

Andy Richardson - Business Editor The Northern Echo

Coalition once claimed it would be the greenest govt in history - appear to have quietly ditched that aim. Now supports heavy polluters. 

 

1:14pm

Andy Richardson - Business Editor The Northern Echo

Tax breaks on energy costs e.g. cap on carbon floor price - will be welcomed by N-East steel and chemicals industries 

 

1:14pm

1:12pm

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1:10pm

Andy Richardson - Business Editor The Northern Echo

Extending tax breaks for Enterprise Zones for 3 more years - good news for TVU & NELEP

 

1:09pm

1:09pm

Andy Richardson - Business Editor The Northern Echo

100,000 more apprentices 

1:08pm

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1:06pm

Andy Richardson - Business Editor The Northern Echo

Osborne: "More ebb than fleet" - ouch, don't try to be funny George  

1:05pm

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1:02pm

Andy Richardson - Business Editor The Northern Echo

Support to get more routes from regional airports 

 

1:01pm

1:01pm

Andy Richardson - Business Editor The Northern Echo

Doubling of Govt export lending 

12:58pm

12:56pm

12:56pm

Andy Richardson - Business Editor The Northern Echo

Osborne: Measures on tax avoidance will bring in £4bn

 

12:55pm

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12:52pm

Andy Richardson - Business Editor The Northern Echo

Osborne talks of more cuts ahead - could Vince Cable look any more uncomfortable? 

12:51pm

12:49pm

Andy Richardson - Business Editor The Northern Echo

Twenty minutes in and it's largely been Osborne crowing about growth and jobs figures - get on with it George.

12:49pm

12:47pm

12:47pm

Andy Richardson - Business Editor The Northern Echo

Brace yourself for more austerity. 

12:45pm

TUC General Secretary Frances O’Grady:

“The economy is generating jobs but too many are insecure and poorly paid."

12:45pm

12:44pm

Andy Richardson - Business Editor The Northern Echo

Osborne: "There will be more hard decisions, more cuts."

12:44pm

12:41pm

Andy Richardson - Business Editor The Northern Echo

Osborne: Growth of the UK economy in 2014 of 2.7%, and 2.3% next year, higher than previously forecast by the Office for Budget Responsibility.

12:41pm

Andy Richardson - Business Editor The Northern Echo

Osborne used the word "resilient" twice - no mentions of "hard-working people" yet.  

 

12:39pm

Andy Richardson - Business Editor The Northern Echo

Osborne: "UK economic growth is leading the world."

12:39pm

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12:36pm

12:35pm

Andy Richardson - Business Editor The Northern Echo

Osborne - "The jobs is far from done. This will be a Budget for doers, makers and savers."  

12:34pm

Andy Richardson - Business Editor The Northern Echo

Osborne now on his feet - cheers from Tory benches 

12:31pm

Andy Richardson - Business Editor The Northern Echo

Osborne has dropped strong hints there will be something in his briefcase for manufacturers and exporters - both key to our region's success. 

 

12:30pm

12:30pm

Andy Richardson - Business Editor The Northern Echo

George Osborne about to start his speech - will he do anything to boost jobs and investment in the North-East? Our chemicals and steel industry want carbon tax freeze. 

 

12:28pm

12:26pm

12:22pm

Expecting more cuts in today's Budget?
 
 
 

12:09pm

Twenty minutes to go until George Osborne delivers his Budget.

12:08pm

Steven Hugill ‏@SHugillEcho 
Just arrived at #BudgetLive14. Everyone waiting to see what @GeorgeOsborne has to say...

12:08pm

Paul Kenny, GMB general secretary

The Northern Echo:

"This has been the longest recession in living memory. The Government has to show more urgency to help its main victims, nearly one million young workers out of work, into proper jobs. GMB will assess todays Budget on what it does to avoid a lost generation."

12:07pm

Cornelius Louwrens SSI UK Business Director and Chief Operating Officer

The Northern Echo:

“SSI UK  has a burden of costs related to legislation on CO₂ allowances and energy, all of which affect our competitive position in what continue to be  challenging steel market conditions.

"Bearing in mind our ambition to grow the SSI UK business and the volume of steel we produce,  I cannot over emphasise the importance of further assistance from Government and any moves in the budget, not just in terms of the carbon floor price , to improve that situation will be welcomed .”

12:07pm

Kevan Jones MP ‏@KevanJonesMP
4 out of 5 new jobs created since 2010 low paid.

12:06pm

David Cameron welcomes jobless fall of 63,000 to 2.33 million in the three months to January 2014, but TUC General Secretary Frances O’Grady said: “The economy is generating jobs but too many are insecure and poorly paid.

“The fall in the number of employees is especially worrying for women as recent figures showed a 42 per cent gender pay gap among self-employed workers, with most women earning less than £10,000.

“So far economic growth has failed to improve job security or generate decent pay rises. This must change if the benefits of recovery are to be felt by hard-working people.”   

@bizecho

12:06pm

Beth Farhat, Regional Secretary Northern TUC

The Northern Echo:

“Most people in the North East aren’t experiencing a real recovery and in fact for many it’s getting worse, with female unemployment for women here rising 20% in the last year alone.

"We need a Budget focused on creating more North East jobs, better quality work alongside with fairer pay. Ministers should end their ideologically obsession with cuts and privatisations to public services and focus much more on a thought-out approach to developing the economy, particularly in regions like ours.

"When 8 out of 10 private sector jobs are being created in London it’s clear the current plan isn’t working and the economy is still geared towards London and the South East.

"There is a consensus across the region about what we need to do, so I’d urge the Chancellor to hand us the economic tools, powers and investment needed to enable us to contribute to regional success and balanced national growth.”

12:04pm

A Tata Steel spokesman said: "The UK’s foundation industries, which employ half a million people and are responsible for 30% of UK exports, need a much more competitive cost environment so they can continue to support the country’s manufacturing and construction sectors.

"This means immediate action to address fast rising energy costs by eliminating the burden of green levies that are not paid by our competitors. The most significant of these is the Renewables Obligation, whose annual cost to Tata Steel alone has almost tripled to £30 million since 2010.

"We also need meaningful structural reform of the business rates system. Business rates can be five times higher for foundation industries in the UK than for our competitors in Europe. This competitive disadvantage represents a substantial barrier to any attempts to rebalance the economy in favour of manufacturing."

12:04pm

Dan Robinson, Chairman of Gus Robinson Developments in Hartlepool

The Northern Echo:

“The government’s Help to Buy scheme has been a huge success with thousands getting their foot on the ladder. The scheme is due to end in March 2016 and I hope the chancellor will announce an extension to the mortgage part of the scheme. 

"It would also be sensible to scale it back in certain places too. A much more targeted approach that will reduce the growing disparity between London and the rest of the country is needed.

"I would like to see it operated based on the requirements of the individual regions that are much more in need of a housing market boost than others."

12:01pm

CBI Director-General John Cridland

The Northern Echo:

“We need the Chancellor to use his budget to support business investment  and encourage firms to get on planes to sell their wares around the globe by getting behind our exporters. This Budget really is make or break.

“Extending the Annual Investment Allowance will encourage businesses to invest in plant and machinery, while boosting equity finance  will help smaller firms grow.”

12:00pm

Mike Odysseas, Managing Director of Odyssey Systems

The Northern Echo:

“Small businesses are still shouldering too heavy a tax burden. It was great that the Government decided to extend the small business rate relief scheme for another year, but this simply isn’t enough to nurture the green shoots of recovery which are now apparent.

“To enable businesses to maximise growth, I would like to see an indefinite extension of the relief scheme, which would alleviate financial strain and facilitate economic progression.

“The corporation tax cuts we have seen George Osborne make so far have mainly benefitted the 80,000 larger businesses in the UK, rather than the 1.5 million SMEs which make up the bulk of the economy. I’d like to see this balance redressed with a bit of tax relief for smaller companies which would give the UK a real and tangible economic boost.”

11:55am

Guy Foster, Head of Portfolio Strategy at Brewin Dolphin is providing opinion and expert analysis of today's Budget

The Northern Echo:

Guy joined Brewin Dolphin in 2006 and is responsible for macroeconomic and strategic investment recommendations. He is a member of Brewin Dolphin’s Asset Allocation Committee and the group’s Sector Strategy meetings. Prior to joining Brewin Dolphin, Guy was an investment director and portfolio manager at Hill Martin Asset Management in London. He is a member of the Chartered Institute for Securities & Investment and is a CFA Charterholder, as well as being a member of the Society of Business Economists. Guy regularly contributes to articles for the financial press and makes guest appearances on CNBC and Bloomberg, as well as presenting to industry groups.

11:54am

11:51am

The Northern Echo:

11:49am

Ted Salmon, North East Regional Chairman, Federation of Small Businesses

“FSB research continues to show increased confidence across all sectors and notably in members’ investment and employment intentions in the North East. With the recovery underway it is important that businesses begin to feel the measures already announced are having a positive effect on their business. This is why the Chancellor should look at ‘focus and delivery’ for initiatives already announced to create long-term growth.

“The FSB has welcomed the Government’s recent moves to support employment, notably the Employment Allowance and a pledge to cut red tape. The focus now needs to be on addressing fundamental structural issues. Getting more competition and transparency in key sectors such as energy and financial services will greatly help small firms.”

11:48am

Douglas Kell, director of the Civil Engineering Contractors’ Association in the North East

The Northern Echo:

“Public sector spending should be adjusted to redress the unhealthy imbalance that exists per head between the investment going into infrastructure for the North East and that going into London and the South East.

Apart from putting right a wrong, and giving no more than fair shares, this would do much to meet a government aim, surely, of stimulating opportunities for more apprenticeships and long-term jobs in the country’s worst hit unemployment area.

It would reduce dependence on social benefits at the same time. There is no shortage of projects to tackle that should have been under way before now.”

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We asked North-East business what they would like to see in George Osborne's red briefcase.

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