It's Budget Day 2016 - and George Osborne is sharpening the axe for billions of pounds in cuts.

We're with you all day with live updates, video and analysis of what the big announcements mean for you.

The Chancellor's statement to the House of Commons begins at 12.30pm , straight after Prime Minister's Questions, and is followed by a reply from Labour leader Jeremy Corbyn .

Until then read our list of announcements so far , our predictions and rumours , or see an overview of all our coverage here.

Tory disability rep quits and sabotages party's website

A Tory disability campaigner has quit and sabotaged his own party’s website in a dramatic protest against George Osborne’s benefit cuts.

Wheelchair-bound diabetic Graeme Ellis - who has voted Conservative for nearly 50 years - handed in his membership in disgust after today’s Budget.

And he took the entire website of the Conservative Disability Group with him - replacing it with a statement saying: “This website is temporarily closed owing to Disability Cuts”.

Read the full story here.

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6 bits of bad news George Osborne buried

Everyone’s talking about the sugar tax , the lifetime ISA and the shiny tax breaks in George Osborne’s Budget.

But is it possible the Chancellor has sneaked a few less impressive things into the small print while everyone was looking elsewhere?

You bet it is.

He couldn’t get away with keeping the country’s grim economic outlook out of the headlines.

But there’s also a raft of bad news hidden in the Treasury’s 145-page document.

We’ve made a list of 6 things the Chancellor buried - see it here.

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Boom and bust... how Theresa May's cleavage distracted the nation

We’ve been talking about, er, the Budget all afternoon.

So we forgot to mention Theresa May’s cleavage.

Accuse us of sexism if you will. But it distracted George Osborne... and a certain news website (not ours), which included in its lead headline.

Theresa May's low cut dress seemed to draw admiring glances from Osborne and Cameron
Theresa May's low cut dress seemed to draw admiring glances from Osborne and Cameron
Theresa May's low cut dress seemed to draw admiring glances from Osborne and Cameron
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THANK THE LORD: The sugar tax WON'T apply to alcohol

We at Mirror Towers, who love WKD Blue, have breathed a massive sigh of relief.

The sugar tax will NOT apply to any alcoholic drinks, even those too sweet for our health.

Treasury sources cleared up the detail for us tonight.

The levy will apply to mixers like Coca Cola and tonic water, including those sold into pubs.

So the price could go up for customers if the rise is passed on twice - from firm to pub, from pub to wallet.

It will not, however, apply to prepackaged sugary alcoholic drinks, includng those M&S cans of Jack Daniels and Coke.

If you’re worried about how specific we’re being, that’s genuinely the example our Treasury friend used.

DRINKS FEATURE. STORY REF : ANGELA DOWDEN. DRINKS : WKD BLUE NEVILLE WILLIAMS 01/5/05. DAILY MIRROR
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Councils blast lack of care funding

Lord Porter, Chairman of the Local Government Association, said:

It is disappointing that the Chancellor has not accepted calls by councils, the NHS, care providers and the voluntary sector to bring forward the £700 million of new money in the Better Care Fund by 2019/20 to this year.

The failure to do so means vulnerable members of the community still face an uncertain future where the dignified care and support they deserve, such as help getting dressed, fed or getting out and about, remains at risk.

Vital social care services will also increasingly be unable to help ease the growing pressure on the NHS and the threat of a care home crisis will creep closer to becoming a reality.

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Osborne said Capital Gains Tax should go UP - to make tax fairer

Well, this is embarrassing.

Labour sources have pointed out that George Osborne said Capital Gains Tax should go UP - because it would make taxes fairer.

He announced today the tax is being slashed from 28% to 20%, or from 18% to 10% for basic rate taxpayers.

Unsurprisingly this will help the rich - i.e., people who have capital that has appreciated in value.

So the Chancellor probably shouldn’t look at this speech in the Commons from 2010.

He said: “It is right, as set out in the coalition agreement, that capital gains tax should increase in order to help create a fairer tax system.”

Chancellor of the Exchequer George Osborne sits down after delivering his Budget statement to the House of Commons, London
(Image: PA)
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Budget's shocking injustice in one simple graph

This graph makes for shocking viewing.

Produced by the Resolution Foundation, it shows how the richest 10% will benefit far more from George Osborne’s income tax changes than any other group.

That’s because both the 40p income tax threshold and the personal allowance are being raised. So naturally, people covered by both will see the biggest benefit.

The winners are people who earn more than £45,000 a year - to the tune of £523 a year each.

The think tank had already warned 85% of the benefits of these two changes would go to the richest half of Brits.

(Image: Resolution Foundation)
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Pupils WON'T be forced to learn maths to 18

George Osborne announced in the Budget: “We are going to look at teaching maths to 18 for all pupils”.

But the Treasury has had to backtrack this afternoon and clarify that won’t force pupils to take maths if they do A-levels.

Rather, a government review is under way to improve how it’s taught.

The review will be carried out by Professor Adrian Smith, and will look into how schools can improve and increase the uptake of students choosing Maths as an A-level subject.

Research carried out by the Nuffield Foundation has shown that fewer students in England study Maths beyond GCSE than in any other developed country.

George Osborne as he presents the government's annual budget to parliament, in the House of Commons in London
(Image: Getty)
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WARNING: The government is trying to be cool

Horrifying news. The DWP is trying to be ‘social’.

They should take a leaf out of George Osborne’s book.

The Chancellor’s been boring on with a string of tweets reiterating what he said in the House.

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Sugar tax WILL apply in Scotland

There’s a bit of confusion about where the sugar tax will apply - we’ve cleared it up for you.

A Treasury spokesman tells the Mirror the sugar tax will be UK-wide.

But the funding for school sport that it’s raising can, legally, only go to schools in England.

Devolved governments in Wales, Scotland and Northern Ireland will receive equivalent funding and will be free to spend it how they like.

The Treasury is urging those administrations to also spend it on school sport.

Irn Bru
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68 minutes to get your cut-price fags

Duty on a pack of cigarettes will rise by 2% above inflation from 6pm tonight.

HURRY! RUN TO THE SHOPS!

BBC political correspondent Chris Mason estimates that at 20p a pack.

For hand-rolling tobacco it’s even worse - 3% above inflation.

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Sugar shares slump as industry claims it'll cost jobs

The Food and Drink Federation - which represents fizzy drink firms - dismissed the sugar tax as “a piece of political theatre” that would cost jobs.

Federation director general Ian Wright said: “The imposition of this tax will, sadly, result in less innovation and product reformulation, and for some manufacturers is certain to cost jobs.

Nor will it make a difference to obesity. “Many of those singled out today by the Chancellor have been at the forefront of efforts to provide consumers with healthy choices.

The industry will now ask whether such efforts are still affordable.” The sugary drinks tax will be imposed on companies according to the volume of the sugar-sweetened drinks they produce or import.

Shares in Irn Bru maker AG Barr fell 3% today, while Robinsons squash firm Britvic was down 2% and Vimto maker Nichols slumped 5%.

Osborne and Fizzy Drinks
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A different view on the sugar tax...

Here’s Phil Young’s opinion of the sugar tax.

It comes because the proceeds are being poured into a bid to double school sport funding.

So should we all drink MORE Coca Cola?

It’s for the next generation, folks.

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Are you richer or poorer? Find out with this Budget calculator

Wine taxes, sugar taxes, savings bonuses - if you’re confused, you’re not alone. Check out our Budget calculator to find out whether you’re actually richer or poorer.

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7 ways George Osborne's Budget has helped the rich - and one way it will hurt disabled people

Jeremy Corbyn described George Osborne’s eighth Budget as having “unfairness at its very core.”

And if you dig into the detail, he’s probably not far wrong.

Beyond the headline grabbing freezes on fuel and beer, and the tax on sugar, you’ll find a raft of measures which will mainly - if not only - benefit rich people.

And if you delve even further, you’ll find a cruel cut which could be devastating for the disabled.

Here’s seven ways George Osborne’s budget will help the rich, and one way it will hurt disabled people.

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McDonnnell declares it a "Budget of failure"

John McDonnell says George Osborne’s Budget is a “Budget of failure.”

He said it “doesn’t build for the future. He’s missed every target he’s set himself. He was supposed to clear the deficit last year.”

He blames the gloomy forecast on the Chancellor’s “failure to invest” in infrastructure and technology - and echoed Jeremy Corbyn, saying Mr Osborne was good at putting out press releases, but had failed to deliver on any of them.

On Labour’s economic record, he said: “Step by step we are rebuilding our credibility.”

“But today, let’s be clear, George Osborne’s credibility has been shot through.”

John McDonnell
John McDonnell (Image: PA)
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Watch the Budget in 90 seconds

Is your head in a spin?

So are ours. We still haven’t had lunch.

Let us sort that all out for you. Here’s the Budget in 90 seconds.

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Sugar tax could add 24p a LITRE to a bottle of Coke

The full impact of the sugar tax is revealed in analysis by the Office for Budget Responsibility - and Coca Cola fans should look away now.

Although George Osborne didn’t say how much the tax would cost, his independent forecasters did.

It’s worked out as 18p a litre for the lower rate, covering Fanta, tonic water and Coke Life, and 24p a litre for the higher rate - which covers nearly all current popular sugary drinks.

That includes Coca Cola, Irn Bru, ginger ale and Ribena. Yes, Ribena.

The tax is being levied on drinks firms, not customers.

But the Chancellor admitted: “Of course some will choose to pass the cost onto consumers and that will be their decision”.

SUGARY DRINKS COVERED BY THE HIGHER RATE

Coca Cola - 10.6g per 100ml

Coke Vanilla - 10.6g per 100ml

Coke Cherry - 11.2g per 100ml

Fanta Lemon - 8.3g per 100ml

Schweppes bitter lemon - 8.1g per 100ml

Schweppes Canada Dry Ginger ale - 9.1g per 100ml

Ribena

Blackcurrant (carton) - 10g per 100ml

Mango and Lime (squash) - 8.4g per 100ml

Strawberry (carton) - 10g per 100ml

Pineapple and Passion fruit (bottle) - 9.9g per 100ml

Orange and Guava (bottle) - 8.7g per 100ml

Irn Bru - 10.3g per 100ml

Red Bull - 11g per 100ml

Sugar in any form is increasingly being linked to our growing waistlines
(Image: Getty)

SUGARY DRINKS COVERED BY THE LOWER RATE

Fanta - 6.9g per 100ml

Fanta Fruit Twist - 6.4g per 100ml

Fanta Apple and Sour Cherry - 7.9g per 100ml

Schweppes Indian Tonic water - 5.1g per 100ml

Coke Life - 6.7g per 100ml

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All drivers in Britain will see their insurance rise again after the Government hiked tax on policies a second time.

It means Insurance tax has now risen 66% in a year - adding about £73 to the average family’s bills. But younger drivers will be hit much harder.

“The fact is that many people already find the cost of running a car a strain on their finances and a hike – however apparently small – is unwelcome,” said Simon McCulloch from comparethemarket.com.

Teenage Driver Making Phone Call After Traffic Accident
Teenage Driver Making Phone Call After Traffic Accident (Image: REX/Shutterstock)
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Sugar tax is "a dead cat, not a rabbit out of a hat"

Labour’s Owen Smith says the Chancellor’s sugar tax is a “dead cat” to distract from his disability cuts (below) - not a rabbit out of a hat.

He tells the Mirror: “Politics is all about priorities and the Tories have nailed theirs to the doors of parliament today.

“The Chancellor confirmed their plans to take £4.5bn from disabled people, including funds that help people find work, as well as support for those who need help to use the toilet or get dressed.

“It’s a shameful way to govern and even with such brutal cuts the Tories are failing by their own measure on debt and borrowing, as they can’t get the economy growing properly.”

Shadow Shadow Work and Pensions Secretary Owen Smith
(Image: PA)
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No more paperwork for Airbnb hosts or eBay hobby traders

The Chancellor praised “micro-entrepreneurs” using the “sharing economy”. In other words, those of us making some extra spending money by renting out a spare room on Airbnb or selling our old clothes on eBay don’t have to worry about filling in tax forms. This applies if you’re making less than £1,000 a year. You can read the full details here.

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£4.4BILLION from disability benefits - to fund tax cut for the rich

George Osborne will raise an eye-popping £4.4BILLION from his cruel cut to disability benefit - and use it to fund a tax cut for the rich.

The hit to 640,000 people on Personal Independence Payments (PIP) by 2020 will be even worse than Labour and charities predicted.

When the move was announced last week, Iain Duncan Smith claimed it was a minor tweak worth £1.2billion to how benefits are calculated.

And the Tory chancellor said today it would ensure “support is better targeted at those who need it most”.

But the small print of his Budget reveals the full, devastating impact to Britain’s most vulnerable.

Cutting the benefit will net George Osborne £15million in 2016/17, exploding to £590million in 2017/18 and £1.19billion in 2018/19.

Because the cut is aimed at new claimants the figure will continue to soar, reaching £1.3billion in 2019/20 and £1.28billion in 2020/21.

The total is £4.375billion.

And it is being used to hand the rich a £523-a-year tax cut by raising the threshold for higher rate income tax by more than £2,500.

Read the full story here.

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Bad news for smokers and wine drinkers

If you like a glass of wine and a roll up in the evenings, we’ve got some bad news. The clearly partisan Chancellor gave beer drinkers and whisky sippers a tax freeze, while hiking taxes on wine in line with inflation.

But the news is even worse if you are partial to a roll-up cigarette. The Government hiking tax on hand-rolled tobacco, and ordinary cigarettes are getting more expensive as well.

You can read the full bad news with a glass in your hand here.

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Jamie Oliver clearly has not showered

The new sugar tax clearly took Jamie Oliver as much by surprise as it did everyone else.

He was just interviewed on BBC News, and he looked, to be charitable, unkempt.

Jamie Oliver poses as he is interviewed in Westminister after British Chancellor of the Exchequer, George Osborne reveals the 2016 budget
Jamie Oliver poses as he is interviewed in Westminister after British Chancellor of the Exchequer, George Osborne reveals the 2016 budget (Image: PA)
Jamie Oliver poses as he is interviewed in Westminister after British Chancellor of the Exchequer, George Osborne reveals the 2016 budget
Jamie Oliver poses as he is interviewed in Westminister after British Chancellor of the Exchequer, George Osborne reveals the 2016 budget (Image: Getty Images)
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Verdict from the Mirror's Ros

Here’s the verdict from Mirror columnist Ros Wynne-Jones:

George Osborne budgets are usually an exercise in ‘jam tomorrow’ – the joke from Alice in Wonderland that means pie in the sky promises for another day.

This time he broke the mould with No Jam Tomorrow – thanks to a sudden conversion to the idea of a sugar tax.

George will be hoping his dramatic flourish – worthy of his new ‘Shakespeare North’ – will distract from his staggering string of failed targets. But the public will see past his sugar high.

Jeremy Corbyn said this was a budget “with unfairness at its very core”. He could have summed it up another way – The March of the Takers.

Despite gathering economic gloom and missed targets, Osbo managed to provide tax cuts for the rich, breaks for people with second homes and a string of regressive taxes.

This, as George said, is “social injustice delivered by Tory means”.

But who is paying for all this largesse – given that the Office for Budget Responsibility has today rounded down projected growth?

The people who always pay for Tory budgets, of course. For a start, the disabled will pay £1.2billion from shaming cuts to Personal Independence Payments. Disabled people who have already lost £28.3bn under his government.

Osborne’s claim that support for disabled people “is better targeted at those who need it most” is a clever way of saying that of those who’ve got pretty much nothing, the most vulnerable people have got least of nothing at all.

Poor people who smoke fags and can’t afford to buy their kids middle class smoothies will pay. And we’ll all pay on our home insurance for the floods.

There was nothing to ease the housing crisis. And while the poorest families are still stuck with the bedroom tax, the rich get Air BnB tax breaks.

There was also an ominous silence over proposed cuts to Universal Credit. After the trouble he had over tax credit cuts, George must have decided to leave this particular PR cluster bomb for his friend Iain Duncan Smith.

Osborne began his budget with a string of excuses that would have seen him immediately sanctioned at the job centre. Instead he will be hoping his sugar-free Easter Rabbit will sweeten the bitter folly of his economic recovery.

I wish he’d cut the Blue crap.

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Some of the Twitter reaction to the Budget

Twitter, as you might imagine, has gone into overdrive about the Budget announcement.

Here’s some of the most popular chatter.

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Expert explains Osborne's magic money tree

Paul Johnson of the highly respected Institute for Fiscal studies says the Budget will neither raise nor lower tax overall.

He tells the BBC growth estimates have mostly gone down because the OBR has revised its forecasts about productivity.

What about the magical transformation in three years then?

The Chancellor is claiming his borrowing will be more than £15billion worse than planned - but will then be followed by an even bigger than planned deficit the next year.

Mr Johnson says it’s down to an “entirely credible” timing change.

The timing of corporation tax receipts will be changed in 2019/20 instead of 2017/18, he says.

That simply means he’ll lose more money earlier, then gain it back.

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“He’s invented a mayor for East Anglia that no one ever asked for!"

Ukip leader Nigel Farage is not impressed with the Chancellor’s announcements on devolution to the regions.

“He’s invented a mayor for East Anglia that no one ever asked for!” he says.

And he says transport investment is “all fine” but our annual budget deficit is “still worse than Greece’s”.

Anyone fancy fact-checking this one?

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'Sugar' firm's shares plummet after tax announcements

The markets panicked when George Osborne announced a sugar tax on firms - perhaps too much.

Tate & Lyle’s shares took a massive dip when the made the revelation in the Commons.

But they soon rallied again... when people realised Tate & Lyle SOLD its sugar business six years ago.

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Osborne is 'making the poor pay for the greed of bankers'

Green Party leader Natalie Bennett has slammed George Osborne’s budget, saying his claim to having a ‘long-term economic plan’ is “looking more absurd by the day”.

She said: “Let’s not forget that this latest round of savage cuts is partly driven by the fact that that economy is £18bn smaller than the Office for Budget Responsibility (OBR) expected only four months ago.

“Sadly, our faltering economy is not the only driver behind this latest toxic dose of austerity. Osborne, the most ideologically rigid Chancellor this country has ever seen, has proved time and again that he is hell-bent on ignoring the needs of the majority in our society, and the urgency of climate change, so as to deliver a greater share of our wealth to the richest and vested interests like the fossil fuel industries.

“The sweeping cuts to disability benefits, that could see 500,000 people lose up to £150 a week, are particularly troubling. Far too many times we have seen this government make the poor and vulnerable pay for the greed and fraud of the bankers.”

LONDON, ENGLAND - MARCH 14: Green Party leader Natalie Bennett speaks at the launch of her party's EU campaign on March 14, 2016 in London, England. The Green Party today announced their intention to campaign for Britain to stay in the European Union. (Photo by Carl Court/Getty Images)
(Image: Carl Court)
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