We are live blogging about the 2011 Budget so this post is prone to inaccuracy, omissions and typos
As Chancellor George Osborne delivers the coalition government's second budget from 12.30pm today, we'll be on hand with updates on the salient points and reaction from around the regions. This post will update throughout the afternoon.
12.35: Osborne: "We gambled on a debt-fuelled growth that failed."
12.38: 2011 growth revised to 1.7% due to weaker than previously expected Q4 2010. Down from original 2.1% forecast.
12.42: Borrowing due to fall from £146bn to £29bn by 2014/2015.
12.44: Osborne says that growth needs to be spread around the UK, and not just London.
12.50: Osborne: "I want Britain to be the place international corporations go to, not the place they leave": Reducing corporation tax by 2% rather than 1%, making it the lowest in the G7.
12.53: Planning system in the spotlight: Councils spending more although the number of applications are down. Osborne mentions use class changes, auctions for planning permission on land. "Cumbersome planning stands in the way of new jobs."
12.54: "The default answer to development will be 'yes'" says Osborne. He mentions sustainable development in particular. Developers will be pleased to hear it.