by political editor Paul Francis and business editor Trevor Sturgess

Chancellor George Osborne declared "Britain is open for business" and gave some cheer for drivers as he unveiled his budget in the Commons today.

In response, Labour leader Ed Miliband said the budget went "too far and too fast".

Taking to the dispatch box this afternoon, Mr Osborne announced:

* Fuel duty will be cut by 1 per cent from 6pm

* A planned increase in duty on fuel will be put on hold

* A fair fuel stabiliser will be introduced from tomorrow

* The personal tax allowance will rise to £8,105 per year from 2012

* 24 new university technical colleges

* Measures to tackle youth unemployment, including 100,000 work experience places

* Apprentices - another 40,000 from young unemployed. A grand total of 250,000 more over the next four years

* Funding for 21 new Enterprise Zones - although Kent was not among the first 11 designated areas

* £100m to invest in new science facilities - but not for the Pfizer site in Sandwich

* An extra £200m for regional railways - but again, not in Kent

Despite being left out of the first wave of Enterprise Zones, East Kent could become part of the second wave.

It will be able to submit a bid through the Local Enterprise Partnership, the successor body to Seeda.

Mr Osborne also unveiled plans for:

* A £250m fund for first-time house buyers which could benefit 10,000

* Doubling size of entrepreneurs relief to £10m

* Restrictions on "no win no fee" lawyers

* A £350m cut in business red tape

* Corporation tax will fall by 1 per cent for three years

* A greater say for communities in planning

Mr Osborne also revealed the 50p top tax rate is a "temporary" measure but it won't be removed it now.

Speaking to the House, he said "we have set out a credible comprehensive plan" to deal with the budget deficit.

He then added: "This budget confronts the hard truth that we have ignored for too long."

Mr Osborne announced plans to hold a consultation on merging income tax National Insurance.

He outlined the UK's growth forecast at 1.7 per cent in 2011 and 2.9 per cent by 2013.

Click here to read our business editor's take on the budget

Speaking before the budget was announced, Peter Carroll,a former Kent haulier who has spearheaded the Fair Fuel UK campaign group, said even if the government did scrap the planned increases, many would still be under pressure to meet the costs.

"It would not be enough but it would be a step in the right direction.

"He has to get rid of the five pence rise as a minimum but even that would still leave fuel at an extraordinary high price.

"People are paying 90 per cent of the cost of a litre in tax. I cannot think of another product where that is the case.

"This is an extraordinarily difficult time for people."

Updates throughout the speech will be posted here or you can follow our politics editor Paul on Twitter at@PaulOnPolitics.