Updates as they happened from Alistair Darling's Budget plus reaction and what it means for construction
Today's budget as it happened.
Graham Kean: "The continued commitment to major public sector capital investment programmes is welcomed. A key enabler will clearly be the effective implementation of Lord Carter of Coles report on efficiency. A major theme here is unlocking value from public sector land and property assets."
13:26: Cameron: "They didn't fix the roof when the sun was shining"
13:25 David Cameron: £606bn to be borrowed over four years. "Staggering amount"
13:24 David Cameron: Labour's decade of debt
Graham Kean, EC Harris: "The extension of Homebuy Direct is to be welcomed but is only likely to deliver an additional 4,000 homes into the market. Put into the context of a required additional need of 200,000 - is this enough?"
13:18: Statutory redundancy from £350 to £380 per week
13:14: Extending scheme to provide finance for carbon capture plants: bewteen two and four demonstration schemes
13:14: CHP will be exempt from Climate Change Levy from 2013.
@greenpeaceuk: 34% cuts in carbon emissions by 2030 is the low end of what lord turner recommended - not the ambitious end
13:14: £525m for offshore wind funded by renewables obligation. Electricy for 3m households
13:13: £405m extra support to develop energy efficiency for buildings
13:12: Green technology: Potential to create 1000s of companies - 100,000s of jobs. World's first ever carbon budget. 34% cut in emissions by 2020
13:11: £750m investment fund to provide support for emerging technologies
13:11: Extra funding for broadband
13:10: Smaller oil fields to be developed creating 2bn barrels of oil.
13:10: Bringing forward £50m to modernise armed services housing.
13:10: £500m of extra financial support for stalled housing schemes. Includes £100m for local authorities to build energy efficiency housing
13:10 "Work with housebuilders to tackle restraints"
Graham Kean, EC Harris: "The Government is clearly concerned at the potential impact of repossessions at this time - help measures announced within the budget on employment and housing seem designed to minimise the impact now, but will need to dovetail with long term solutions if we are to bring confidence to the industry once again."
13:04: £16bn will be raised from sale of property up to 2012.
13:04 Capital investment to continue to 2012.
13:03 New duties to raise £6bn by 2012. Tobacco up 2% from 6pm. Alcohol up 2% by midnight
@andersoicouk Twitter 2% on booze from tonight - better get to the pub
@melstarrs Twitter: Provisional cost of bank bailout is 3.5% of gdp - Puts Stern's 2% of GDP for climate change into perspective
This budget will build on the strengths of the british people and its economy
13:01 50% income tax rate for those earning over £150,000 from April 2010. Up from 45% - bought a year forward. Reduced tax allowances for those with income over £100,000
13:00 From April 2011 tax relief cut on pensions for people with incomes over £150,000
12:56: Budget deficit to be halved in next four years. If it was quicker it would choke off recovery. Borrowing will be £175bn in 2009/2010 this year - 12% of GDP. In 2010 deficit will fall to £173bn in 2010
@bulidingsite Twitter "Chancellor praises automotive & retail industries, but no mention of construction yet. Come on Darling, we're at least 6% of GDP!" #budget09
12:56: Introduction of scheme guarantee securities backed by mortgages
12:54 Introduction of top-up scheme to match fund provision of trade credit insurance
12:54: £80m extension to shared shared equity mortgage schemes
12:54: 100,000 businesses will have full current losses wiped out
EC Harris: Graham Kean, EC Harris: "Given the stated view that science and technology is fundamental to economic recovery, are we going to see a clear commitment to resolving DIUS funding problems within the detailed budget documentation?"
"Jobs have been mentioned several times within the first 20 minutes. Will the detail of the budget contain a commitment to skills and training within construction? This is key at a time when there is serious competition for public sector work which has the potential to drive down tender prices"
12:53: As predicted extended Stamp Duty holiday until the end of the year
12:51: £260m extra on training and subsidies in sectors with 'strong future demand'
12:50: From January 2010 under 25 unemployed for 12 months will be provided with a job or training.
12:50: More to protect young people from long-term unemployment
12:49: Additional £1.7bn funding for Job Centre Plus
12:45: Darling predicts 1.2% growth in GDP in 2010. 3.5% from 2011. 2.25% trend growth after that. Inflation down to 1% by end of the year. Target stays at 2.% 03% in Septbember for retail growth index.
12:43: 3.5% full in UK GDP in 2009. 1.6% contraction in UK economy in 2008 Q4. Same for Q1 in 2009. IMF has downgraded world economy forecasts three times since October.
12:41: UK's fiscal support will protect 500,000 jobs, claims chancellor
12:40: VAT reduction will continue until December at least.
12:38: UK exports down 14% this year. Darling keen to emphasise 'International' nature of recession. Down 21% in Germany, 26% in China and 45% in Japan.
12:37: Darling expects economy to start growing again by end of the year.
12:36 Economic situation worse for 60 years. "We won't repeat mistakes again"
12:35 Darling kicks off budget by saying he will protect hospitals and education.
Welcome to Building's live coverage of the spring Budget. We'll bring you the announcements from Alistair Darling as they happen.