The 2011 Budget

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CHANCELLOR George Osborne delivers the Coalition Government’s second Budget today. But what difference will it make to your daily lives?

Stay with us here at sunderlandecho.com for his announcements as they happen.

Osborne began his speech at 12.33pm and said his Budget would do “what we can to help families with the cost of living and high price of oil”.

“This is a Budget for making things, not for making things up,” he said.

WHAT HE HAS SAID

* Growth forecast down from 2.1% to 1.7% in 2011

* Inflation to remain at between 4% and 5% this year

* Borrowing for this year will be £146bn

* Corporation tax reduced by 2%

* No new tax increases or spending cuts

* 43 tax reliefs to be scrapped as part of simplification of tax code