Budget 2014: live

13.34 Ed Miliband stands up - it’s clear he’s going to make this about living standards. Down in every year since 2010 he says - £1,600 worse off on average. “you’re worse off under the Tories.” I’m going to sign off now to look at the detail in the budget documents.

13.30 He’s summing up now: “you’ve earned it, you’ve saved it – this government is on your side.” Osborne says the central mission is to deliver economic security. Manufacturing promted, saving supported – building a resilient economy. Repeats opening mantra: “This is a budget for the makers, the builders, the savers.” Osborne sits down to cheers

13.29 Osborne: “Most far-reaching reform to pensions since 1921.” It’s not hard to tell this is a pre-election budget: he’s going all out for the pensioner vote (they’re the demographic that is most likely to vote)

13.26 Changing tax implications for defined contribution pensions. “trust the people with their own finances”. All this only a step in the “fundamental reform” I want to see. Pensioners free to draw down as much of their pension pot as they want. A new guarantee that everyone offered free impartial face-to-face advice.

13.25  A pensioner bond available for those 65 and over – assumption 2.8% for a one year bond. Up to £10bn of bonds issued

13.24 Want to help savers by dramatically increasing simplicity of ISAs. Single new ISA – merging cash and stocks ISAs – increasing the annual limit to £15k, tax-free.

13.23 He’s on to savers now. I fancy this is going to be his big “surprise” of the budget

13.21 Goes further than expected on personal tax allowance: raises threshold to £10,500. The higher rate threshold will also rise to over £42k next year. He says this means anyone earning less than £100k is better off.

13.20 Beers cut by a penny. Pub anyone?

13.18 Osborne on to beers and wine levies now. Intersting tweet coming in from Wes Streeting, parliamentary candidate in Redbridge. He says that Redbridge needs £80m spent on its raods alone, putting Osborne’s £200m pledge in context

13.16 Also expands support for energy intensive manufactures, including reducing impact of “green levies” to stop them being a third of energy costs for energy intensive businesses. Will be interesting to see what green groups think of that.

13.15 On energy now: “We need to cut our energy cost through new nuclear power and a shale gas revolution, and renewable.” Above all going to have a £7bn package to cut energy cost for UK manufactures. Confirms speculation on cutting the Carbon Floor Price – save families £15 on bills.

13.13 As expected he confirms reduction of business rates to 20%

13.09 Osborne continues on the weather: “Roads have also taken a battering. I’m making £200m available, which LAs can bid for” – to fill in the pot holes.

13.08 Further on infrastructure: “£270m guarantee for the Mersey Bridge. Tomorrow he will introduce new tax and borrowing powers for Wales to finance infrastructure, including motorway schemes. In addition, as predicted, he will make £140m available for immediate repairs and maintenance for damaged flood defences.

13.07 He says he will publish a prospectus for Garden Cities – interesting, this idea was first promised by the coalition in 2010. Osborne sums up the housing measures:  200,000 new homes for families – “we’re getting Britain building.”

13.06 “Country needs to build more.” We’re making further reforms to planning g, and half a Billion of finance to housebuilding firms. A finance deal for Cambridge and a “right to build won homes” backed by £150m of grants. He mentions the homes in Ebbsfleet, as well as schemes in Brent Cross. In Ebbsfleet “We’re going to make it happen.”

13.05 This is sounding like it’ll be the key section for construction – now on to Oil and Gas after covering exports

13.04 Osborne “Need business to manufacture more, build more and export more.” Expanding the offer from UKTI – increasing the maximum amount of export finance available to £3m

12.59 First substantive measure that will affect the industry: Osborne expands the 15% stamp duty tax on residential property bought in company envelopes. At the moment this is only for homes worth more than £2m, this will now cover all purchases of homes worth more than £500,000. A few estate agents in Mayfair may be getting sweaty palms at that one

12.57 Osborne saying he can get a further £4bn from anti-tax avoidance measures

12.55 Osborne still on welfare spending – setting out how the benefit cap will work, “In future any government wanting to spend more on benefits will be held to account by this permanent cap on welfare.” The rich are making more contribution – “we’re all in it together”

12.54 Says there will be cuts in the next parliament too. Further “difficult decisions” now being taken to reduce the deficit, while protecting NHS, schools and overseas aid. Osborne pledges to make £1bn revenue spending reduction for 2015/16 permanent.

12.52 Osborne “There are those here today who say “ease up” “borrow more. It would be a huge mistake – we’re not going to let that happen.” “Britain is not going back to square one.”

12.50 Osborne says he has asked the OBR to look at “potential emerging risks in the housing market” – he’s clearly worried about a bubble. So why did he extend Help to Buy at the weekend?

12.48 National debt will peak at 77.8%, lower than the predicted 80% debt peak. Osborne says the deficit reductions will save £42bn in interest payments

12.47 Osborne says tough decision still needed, despite improvements

12.46 IMF says we are achieving the largest reduction in deficit of any major economy. This year deficit 6.6%. next year 5.5%, reaching 0.8% in 2018. By 2019 there will be no deficit at all. “But only if we work through the plan.”

12.43 Osborne hails A 24% fall in employment claimant count in just one year. OBR forecast unemployment down to just 5% from 8% in 2010. Country can afford an increase in the minimum wage

12.40 OBR says the economy will be larger than before credit crunch at some point this year. Osborne says no major economy in the world growing faster than the UK

12.37 OBR revising up growth forecasts again. Growth in 2014 of 2.7%. the biggest upward revision to growth between budgets for 30 year. Next year 2.5%. Returns to long term trend in 2018. Economy £16bn large than forecast four months ago.

12.35 He says: “Hard-working people get more of what they earn, and more of what they save.” It’s clear already that incentives for savers will be a big part of the budget

12.32 Osborne starts with “Economy recovering faster than forecast. Together with the British people we held our nerve. But he adds “The job is far from done.” This budget for “makers, doers and savers.”

12.30 Osborne stands up to cheers from the coalition benches

12.09 Despite all of these predicted measures, probably the most excitement – certainly for Osborne himself – is likely to come from presenting the latest economic figures and forecasts. Finally to be able to revise some things up, not down.

The key stats for the industry will be projected public sector gross investment for 2014/5, set at £51.8bn in the autumn statement, with £52.4bn projected for the following year. Osborne’s previous budgets have tended to see capital spending figures rise from previous predictions, it will be interesting if that trend continues.

11.51 Welcome to Building’s coverage of today’s budget, George Osborne’s fifth. To say this one is eagerly awaited would be to overstate it somewhat - whatever the BBC’s Nick Robinson will tell you – but it will be fascinating to see how Osborne plays it.

The speculation in advance of the budget has been around how little it is likely to contain: with the economy picking up there is less need for new initiatives to help failing businesses, and with a general election looming the coalition parties are likely to be more inclined to keep their best stuff under wraps for their manifesto.

Nevertheless, the build up has followed the pattern of recent years with a number of key announcements made in the preceding few days, including a major one around extending the equity loan part of the Help to Buy scheme until 2020 – it was previously due to run out in 2016. In addition £200m has been promised to fund a development corporation to build a “garden city” in a big quarry in Kent – yes the same scheme that New Labour and Land Securities spent a decade trying to get off the ground.

For the construction industry probably the most significant moment will be when Osborne reveals – either in the speech of the accompanying budget documents – whether he intends to press ahead with the trailed clamp-down on bogus self employment (see story this morning), which contractors fear could make a huge difference to labour costs.

In addition there will undoubtedly be more on capital spending in individual departments, with flood defence expected to receive another £140m on top of the £130m pledged in February, and road and school spending also seen as favourites.

For other expected measures, such as a freezing of the level of the Carbon Price Floor, which hits materials manufacturers, see Will Hurst’s informed analysis from last week.

I’ll be updating this as we go along today – so keep refreshing for the most up-to-date news and analysis of today’s speech, which kicks off at 12.30.