Read here, a blow-by-blow account of the Budget as it happened. Chancellor of the Exchequer, Alastair Darling addressed the House of Commons:

12.30: The UK economy should start growing again by the end of the year, Chancellor of the Exchequer Alistair Darling said at the start of his Budget speech.

12.35: Growth in the UK economy set to fall by 3.5 per cent before picking up by the end of the year - Chancellor. He forecast 1.25 per cent growth in 2010

12.36: Chancellor expects economy to grow by 3.5 per cent in 2011, before falling back to trend rate of 2.5 per cent

12.41: Inflation expected to be 1 per cent by the end of the year - Chancellor

12.46: Chancellor has confirmed that 2.5 per cent Vat reduction will stay in place until December

12.50:From January, everyone under 25 out of work for more than six months will be offered training or temporary work. Up to 250,000 jobs promised. There will be £260m of new money to raise skills, and an extra £1.7bn for employment support

12.51: Stamp duty holiday on homes under £175,000 to continue to help first-time buyers.

12.53: Car scrappage scheme - £2,000 rebate to anyone trading in their car 10 years old and over for a new vehicle. Must be claimed by March 2010.

12.56: Chancellor blames "Unprecedented financial crisis and deep widespread global recession."

His measures amount to a fiscal easing of half a per cent 0.5 per cent of GDP this year.

12.57: Public sector borrowing forecast to be £175bn this year - 12 per cent of GDP.

12.59: Countering tax avoidance measures to raise £1 bn extra revenue over next three years.

13.01: From April 2011, reduction in tax relief on pensions taken out by people earning more than £150,000. A 50 per cent income tax band for people earning over £100,000

13.03: Tobacco and alcohol duties up 2 per cent from midnight, and fuel duty also up 2 per cent from September.

13.04: Darling to find further £9bn of public sector savings by 2013-14.

13.05: Capital investment to be 1.25 per cent of GDP after 2013

13.06: Extra £1bn to help combat climate change.

13.07: Reform of regulations affecting financial institutions.

13.09: £500m extra financial support for stalled housing projects. £100m for local authorities to build energy-efficient homes.

£50m boost for housing allocated to service personnel.

13.10: Extra cash for North Sea oil exploration that could boost supplies.

13.11: Capital allowance for firms doubled to 40 per cent

13.12: £750m investment fund to provide financial support for emerging technologies, digital, advanced manufacturing.

13.15: "Britain's economic recovery must be sustainable and protect the environment."

The "world's first ever carbon budget" to cut emissions by 34 per cent by 2020.

£435m to increase energy efficiency

£525M for offshore wind projects, Could accelerate London Array proposed scheme in the Thames Estuary off the Kent coast.

13.20: Budget based on "our values of fairness and opportunity."

Government determined to eradicate child poverty. Child element of child tax credit to increase by £20.

"Grandparents play a big part in family life."

Will count to their entitlement to pension.

Commitment to raise pension by at least 2.5 per cent, even if inflation is lower.

Winter Fuel Allowance at £250 for the under 80s and £400 for 80+

5.5m pensioner households with modest savings.

From November, tax threshold for pensioners raised to £10,000. Extra £4 gained per week.

13.21: Tax free element of ISAs raised to £10,200.

13.21: Statutory redundancy pay increased to £380 a week.

Budget speech ended after 50 minutes at 1.20pm

13.26: David Cameron condemned utter mess of the British economy.

He called it "the worst recession since the Second World War."

£348bn borrowing over the next two years, more than every Government since the Bank of England was founded more than 300 years ago.

He referred to Labour's "decade of debt."

Total of £606bn to be borrowed.

"Our children are going to be in poverty for decades," he said.

Even these figures are "massaged."

13.29: No other country with such a high deficit.

Figures are so bad, they represent a "spectacular U-turn" by Government.

"These are not taxes for the few, they are taxes for the many."

"Every single Labour prediction has been wrong. This isn't just boom and bust, it's the worst boom and bust ever."

13.38: David Cameron claimed the UK's deficit was worse than when former Labour chancellor Denis Healey went to the International Monetary Fund for aid in the 1970s.

He said the last Labour Government gave us the winter of discontent, this one leaves a decade of debt.

The Budget was a "missed opportunity" and called the Government "the living dead."