Budget 2011 LIVE UPDATES: George Osborne prepares to deliver budget

Today George Osborne will be unveiling the annual budget, follow live coverage hear to find out the Government's latest plans to cut the deficit and promote growth and the Opposition reaction.

13:48: Ed Miliband seems to go for the demagogue approach. Rather than offering a serious critique he just repeats Labour slogans such as "same old Tories" and "if it isn't working it isn't working".

13:40: Mr Miliband calls Mr Osborne "Norman Lamont with an iPod", saying that the current Chancellor views unemployment as a "price worth paying".

13:33: Ed Miliband begins his attack by instantly seizing on falling growth and the downgrade in growth.

13:31: The Chancellor brings his remarks to a close by promising to cut fuel duty to large cheers.

13:28: Council tax in every local authority will be frozen or cut.

13:15: An extra two billion will go to the Green Investment Bank, which will begin operations next year.

13:08: The 50p tax rate will stay, but is temporary the Chancellor says.

13:03: The Chancellor says he will raise £200 million by charging non-domicile's who have lived in Britain for 12 years or my £50,000.

12:57: For the next three years there will be a moratorium on new domestic regulations for new businesses.

12:51: Corporation tax will be cut by two per cent from April. However the bank levy will be altered to offset the benefits for banks. Big cheers from the Parliament of banker-bashers. Will they cheer if HSBC decides to go off to Hong Kong?

12:49: As expected a consultation will be launched to merge income tax and national insurance. It will take a few years to implement but will see the tax system simplified. People such as the elderly will not be required to pay income tax as a result of the merger.

12:42: Inflation is predicted to reach the target level of two per cent by 2013. Inflation is currently soaring at 4.4 per cent.

12:41: The Chancellor will also be publishing his Plan for Growth today. He adds that military action in Libya will be funded from Treasury Reserves.

12:39: Growth this year is expected to be 1.7 per cent, lower than originally thought the Chancellor says, but will rise to 2.5 per cent in 2012 and 2.9 per cent in 2013.

12:37: Britain has "lost ground" in the business world and needs to catch up, saying that Labour "gambled on a debt fuelled model of growth that failed". Shame he did not mention that before the crisis when he was in Opposition.

12:35: There will be no giveaways but at the same time it will not be a "tax raising" Budget. We'll see soon enough.

12:34: The decisions at his last Budget brought "stability" he says.

12:34: George Osborne says today's Budget is about reforming the nations's economy. His previous Budget was about saving the country from disaster he says.

12:12: Mr Miliband asks why the government is removing the mobility component of the disability living allowance. Mr Cameron responds "We're not".

12:08: A subtle attack this time as Mr Miliband asks what the government's policy is on targeting Colonel Gaddafi himself. Earlier in the week the government appeared to be considering a strike, while military leaders said such a strike would be against the UN resolution. Mr Cameron appears to come out in favour of the military view.

12:06: Mr Miliband follows up by asking what military contribution Arab states will be making. Their contribution will be mainly logistical it seems. Mr Miliband is going for the serious and statesmanlike approach today rather than all out attack.

12:06: Mr Cameron says "good progress" has been made but more needs to be done.

12:05: Ed Miliband opens up by also paying tribute to the following soldier and asks for an update on the progress of military action in Libya. Looks like being a boring conensus type Question Time ahead of the Budget.

12:03: Lib Dem Jo Swinson asks what effect events in Japan will have on Britain's relationship with nuclear power. Mr Cameron answers both questions vaguely saying that we will look at both things.

12:02: First question from John Woodcock, who asks if Mr Cameron will re-think the security review in light of current events.

12:01: As usual proceedings begin with the Prime Minister paying tribute to a soldier killed in Afghanistan.

12:00: Prime Minister's Questions is about to begin.

11:55: It's being reported that protestors against "cuts" are attempting to block the path of the Chancellor's car. More on this soon.

11:36: The Chancellor is standing outside Number 11 holding his famous red box.

11:21: The Guardian is reporting that the government's "Green Investment Bank" will have limits placed on it. Apparently the bank will not be allowed to borrow until the national debt has been brought down to a certain, as yet unknown, point.

11:11: In response to rising fuel prices, which have not been helped by the current crisis in the Middle East and North Africa, Mr Osborne is likely to cancel a proposed 1 pence rise in petrol duty.

11:08: Prime Minister David Cameron has already left Number 10 Downing Street. He will be answering Opposition leader Ed Miliband at Prime Minister's Questions as usual before the Chancellor makes his Budget speech.

11:06: Thr Budget is likely to be overshadowed by the gloomy economic data that has been coming out in recent days. Unemployment seems to be on the rise, inflation reached 4.4 per cent in February according to figures yesterday whille public borrowing in February was also at a record high.

11:03: Mr Osborne is reportedly planning to unveil what would effectively be a small tax cut by raising the personal allowance by £600 to £8,075 from April 2012. The change would not affect those paying the highest rates of tax but for everyone else would ammount to a tax cut of £45 per person per year.

10:57: Welcome to our coverage of the Budget, as usual the treasury has already started to leak some of the proposals likely to be announced by the Chancellor today. One such proposal is a tax on private jet flights as part of Mr Osborne's plan to make the rich "pay their share" of the public debt. While making air travel more expensive for corporate high-flyers he is also likely to announce a freeze on air passenger duty.