Live Blogging the PBR

12.34 - He's started, building a fairer society and securing opportunity for all, halving budget deficit in four years. Sounds like he's a bit tired.

12.35 Quick reminder that it all started in the US, but as a big financial centre the UK has been hit too. "I am confident that the UK economy will start growing by the start of the year."

12.37 - VAT going back to 17.5% on January 1st. No other changes to VAT will be announced. Thanks to us, business insolvency is down.

12.38 Increase in corporation tax being deferred for small businesses.

12.40 Unemployment has risen and it will keep rising, but it's lower than in lots of other places [possibly due to the large numbers of people on sickness benefit].

12.43 As of next month, anyone aged under 24 will be given a new job after six months [not entirely clear how this will function - expect lots of youths on litter picking duty etc.]

12.45 Don't even think about claiming that tax credits don't work. The basic state pension will rise, and [more importantly] than anything else, bingo duty will be cut.

12.48 Growth won't be as dependent on the financial sector in future (although this will still be ever so important). I am all for growth etc.

12.48 All countries are suffering from lower tax revenues. Bailing out the financial sector hasn't helped, but our 'successful intervention' means the cost of bailing out the banks has fallen. There are no expected losses to the taxpayer from RBS's toxic mountain (really?). The cost of bailing out banks has now fallen to 10bn from 50bn.

12.51 My forecasts for public sector net borrowing were rather wrong this year, but next year I am confident that the public sector net deficit will fall. This will happen the year after that and the year after that as the economy recovers (cue shouts of outrage).

12.53 Here we go - deficit reduction plan.....talents of the British people...lowest rates of corporation tax in the G7....

12.55 [We may have been slightly premature in expecting something on the Super Tax. There's more about loans to small businesses instead. Seems to be saving the bonus tax until last.]

12.57 Lots of money for inefficient boilers and household insulation. Time to become a home insulator?

12.58 Make 900 a year (tax free) by selling electricity generated through your home wind turbine back to the grid. Darling sounds a bit more confident now.

13.00 We are ready to offer financial support to low income graduates who want to do internships.

13.01 Britain is great. We have won lots of nobel prizes. There will be a new rate of 10% corporation tax on income stemming from patents to encourage inventors.

13.03 This time it really is it. No bank has not benefited, either directly or indirectly from government help. A tax on profits would be inappropriate. But some banks still feel it's appropriate to prioritise bonuses to already high paid staff. If they insist on paying these substantial rewards, I've decided to introduce a one off levy of 50% on all bonuses above 25k to be paid by banks rather than bankers. Anti-avoidance measures to be implemented immediately. This is expected to raise 500m and that will be used to help (bingo players) and the young and old.

13.07 Determined to tackle tax avoidance. Looked at over 300,000 offshore accounts. Big anti-avoidance measures to deliver additional revenues. This is tough, but necessary.

13.08 More than half the additional revenues raised today will come from those with the top 2% of incomes.

13.08 Still planning to maintain growth in public spending next year. Once the UK economy is happily chugging along again we will make cuts. We are taking these decisions from a position of .....strength (lots of shouting at this point).

13.10 Technical glitch for several minutes while BBC site suffered technical meltdown.

13.16 From The Telegraph - the bonus tax will be...

'50% on all discretionary bonuses above 25,000. Paid for by bank. Imposed from today, alongside unspecified "anti-avoidance measures". Expected to raise 500m. Darling said it would only apply to banks that invest revenue in bonuses rather than building up capital, though this was not explained in detail.

Does this imply that banks investing money in building up capital AND paying bonuses will escape the tax?

13.17 And from the Financial Times 20,000 people will be hit by the new bonus tax.

13.18 It's all over - plus points: no increase in income tax for high earners; no windfall tax on bank profits. George Osborne has started. He sounds a bit shouty compared to Darling's dulcet Scottish tones.