Vaping products will come in october 2026 and the existing tax on tobacco will increase. The chancellor says thats in order to maintain the financial incentive to choose over smoking. Windfall tax on the profits of energy firms draw will be extended into 2029 even that was previously scheduled to end in 2028. Increase in flight duty for Business Class tickets, non dom tax free dream on People Living overseas and didnt that it will be replaced with new rules from april 2025. Bigger picture the uk economy now. The obr, office of budget responsibility predicts the economy is going to grow and add 1. 9 we are currently on a technical recession. Inflation rate forecast to fall below 2 target this year but the underlying debt. But the underlying debt, excluding Bank Of England debt, is forecast to be 91. 7 of gdp this year, rising to 92. 8 next year. The government also kept a freeze on alcohol duty, there is a lot to chew over and we have tried to bring up to date on the main headlines but our Political Correspondent helen catt has more in this report. Is this an election winning budget, chancellor . Asjeremy hunt posed for the last budget photo call before an election, he would have known that a lot was riding on the speech inside that that box. The economy has dipped into recession. The polls suggest that support for the conservatives remain stubbornly low. Mr hunt and the tories have pinned their hopes on offering tax cuts. Mr chancellor of the exchequer. Hear, hear. The big new measure, much publicised in advance, was a further cut of 2p in National Insurance from april. When combined with the autumn reductions, it means 27 million employees will get an average tax cut of £900 a year. 2 million self employed will get a tax cut averaging £650. Changes that make our system simpler and fairer and changes that grow our economy by rewarding work. Future increases in spending were kept to a tight i , although mr hunt announced new money for the nhs. And he said the Household Support Fund to help the most vulnerable would continue for another six months. There was news for parents, increasing the maximum one parent can earn before a family starts to lose child benefit. I confirm that from this april, the high income Child Benefit Charge Threshold will be raised from £50,000 to £60,000. We will raise the top of the taper at which its withdrawn to £80,000. That means no one earning under £60,000 will pay the charge, taking 170 families out of paying it altogether. In a political as well as economic move, jeremy hunt took labours plans to change how wealthy foreign nationals pay tax and to extend a Windfall Levy on oil and gas companies. That is money the Party Opposite planned to use for spending increases, but today a conservative government makes a different choice. We use that revenue to help cut taxes on working families. Sir keirstarmer. Hear, hear. After this budget, debt and Taxation Levels will stay high and forecast growth low. Thank you, madam deputy speaker. There we have it the last, Desperate Act of a party that has failed. Clamour. Britain in resession, the National Credit card maxed out and despite the measures today the highest tax burden for 70 years. Sir keir backed a Freeze On Fuel Duty and the National Insurance cut, even though that will leave labour having to find a new way to fund its own plans. The harder they try with cynical games like this, the worse it will get for them, because the whole country can see exactly who they are fighting for themselves, politics not governing, party first, country second. The Scottish National party werent impressed with the budget measures. The Prime Minister might be under the impression that the cost of living crisis is easing, but that assessment will be a slap in the face for households across scotland who are still facing the consequences of over a decade of tory cuts and mismanagement of the economy. The Liberal Democrats say the National Insurance cut is a swindle. The ni cut is not really going to make a huge difference to people. They are still going to be paying more in tax in the next tax year as a result of the planned tax rises that the government and not reversing. This small cut in National Insurance is just a very, very small reduction in the amount of increased taxes that people are going to be paying. I commend the statement of the house now all the chancellor can do is watch to see how his budget lands outside the commons, among the voters who will decide who delivers the next one. Helen catt, bbc news, westminster. Joining me now is Sir Vince Cable, former business secretary during the Coalition Government and lead of the Liberal Democrats. ~. , government and lead of the liberal demente government and lead of the Liberal Democrats. , democrats. What was your reaction . This was totally democrats. What was your reaction . This was totally expected, democrats. What was your reaction . This was totally expected, we democrats. What was your reaction . This was totally expected, we knew i this was totally expected, we knew what was coming. The thing that worries me most is the Big Booby Trap left behind a van Public Spending. They are allowing i growth and thats got to accommodate pay awards, an ageing population, all kinds of pressures like defence. Itjust isnt realistic and i think an honest statement by the opposition would have been to say, actually, we are going to need higher tax rates differ on that. Mr hunt did say he could cost the reduction in National Insurance, though, didnt he . Reduction in National Insurance, though, didnt he . Yes, he did. If ou are though, didnt he . Yes, he did. If you are in though, didnt he . Yes, he did. If you are in a though, didnt he . Yes, he did. If you are in a taxcutting though, didnt he . Yes, he did. If you are in a taxcutting mode, i though, didnt he . Yes, he did. If you are in a taxcutting mode, is| you are in a tax cutting mode, is that tories obviously are, that was probably better than some of the other options like cutting income tax. I think it would have been better to raise the threshold but within that narrow area he did that but the big cheat in a way is this pretence that we can have this Productivity Growth in public services. The biggest inefficiency in the Health Service is the fact that large numbers of people are sitting in hospital because they can go back into the community because the authorities cant handle the social care issues and as long as local authorities are going bust, which they are, that problem remains and is going to get worse. What which they are, that problem remains and is going to get worse. And is going to get worse. What did ou make and is going to get worse. What did you make of and is going to get worse. What did you make of what and is going to get worse. What did you make of what we and is going to get worse. What did you make of what we heard and is going to get worse. What did you make of what we heard from i and is going to get worse. What did l you make of what we heard from the chancellor about the nhs . He promised else of invented ideas, making the nhs paperless, making it more efficient. Some of it seemed quite inventive and innovative, didnt it . , quite inventive and innovative, didntit . ,. ,. , didnt it . Yes, and i hope it works. I mean, didnt it . Yes, and i hope it works. I mean. We didnt it . Yes, and i hope it works. I mean, we have didnt it . Yes, and i hope it works. I mean, we have been didnt it . Yes, and i hope it works. I mean, we have been talking didnt it . Yes, and i hope it works. | i mean, we have been talking about this for 20 years. I remember when gordon brown introduced a new it system for the nhs. Unfortunately, didnt work. I mean, there are many things that could be done and should be done and during the pandemic, actually, the nhs were very efficient but i think gimmicks of this kind dont deal with the fundamental problem that there just arent the resources in the Public Sector to fund the level of service that the public expect. That the public expect. Going into the next election, that the public expect. Going into the next election, the the next election, the lib dems are going to advocate for more Public Spending. Is that we are saying . Yes, certainly in key areas like health and social care and education. I think the specifics are going to emerge on how it will be funded but certainly i think there is going to be. Funded but certainly i think there is going to be. Funded but certainly i think there is going to be. Isnt that the big cuestion, is going to be. Isnt that the big question. Sir is going to be. Isnt that the big question, sir vince . Is going to be. Isnt that the big question, sir vince . Its is going to be. Isnt that the big question, sir vince . Its how is going to be. Isnt that the big question, sir vince . Its how you| question, sir vince . Its how you pay for this. Question, sir vince . Its how you pay for this pay for this. Well, i am ust answering i pay for this. Well, i am ust answering this i pay for this. Well, i am just answering this personally i pay for this. Well, i am just answering this personally rather than as a Party Spokesman but i would certainly be honest with the public that if you want better services, we are going to have to pay for it to high levels of taxation and i think the public would understand that. find taxation and i think the public would understand that. And of course ou worked would understand that. And of course you worked in would understand that. And of course you worked in the would understand that. And of course you worked in the coalition you worked in the Coalition Government at a time of austerity. Are there lessons that youve learned from that . Are there lessons that youve learned from that . Yes, i think so. I think austerity learned from that . Yes, i think so. I think austerity was learned from that . Yes, i think so. I think austerity was inevitable, i think austerity was inevitable, whoever was going to be in the government because there was an appalling legacy in the financial crisis. And i think the big lesson we learnt was that we should not have sacrificed Public Investment and that problem remains today. You know, Public Investment has been severely cut, our infrastructures in a terrible state and priority has to be given to long Term Investment. When that Sir Vince Cable speaking on a personal capacity but, of course, lib dems grandee if i can call you search. Thank you very much for sharing your thoughts bbc news. Thank you. Just a reminder if you are catching up with all the details of the budget, if you miss that statement live at 1230 we have full and compare coverage on the bbc news website. We have a breakdown of everything that the counsellor said earlier. That the chancellor said. We also have plenty of analysis if you want to know what exactly means you personally. And of course we have political analysis from editor chris mason and Economic Analysis from faisal islam and a number of other colleagues who have plenty more on the story of the day. We continue with another political grandee. From vince cable to lord lamont, who served as chancellor underjohn majorfrom lamont, who served as chancellor underjohn major from 1990 and 1993. I like to call you a grande . Sure am ami am i allowed to call you a grandee . I asked am i allowed to call you a grandee . Iasked philip am i allowed to call you a grandee . I asked Philip Hammond the same question so chancellor. If you were holding the red box today, would you have said pretty much the same thing . The would you have said pretty much the same thing . Same thing . The unusual thing was the concentration same thing . The unusual thing was the concentration on same thing . The unusual thing was the concentration on productivity i same thing . The unusual thing was the concentration on productivity inj the concentration on productivity in the concentration on productivity in the Public Sector. That is a bit of an innovation so i can guarantee i would have said it but i think the budget overall was sensible, responsible, but also as politically astute as it possibly could be. He had very limited room for manoeuvre and i think in the circumstances he did extremely well. And i think in the circumstances he did extremely well. There are some in the conservative did extremely well. There are some in the Conservative Party did extremely well. There are some in the Conservative Party who did extremely well. There are some in the Conservative Party who were | in the Conservative Party who were really hoping that he would cut income tax. We are one of those . Ida. Income tax. We are one of those . No, i dont think income tax. We are one of those . No, i dont think it income tax. We are one of those . Iifr, i dont think it was one of those. I was wanting the tax burden to be lowered taxes to be lower but i dont mind National Insurance or income tax. I see the argument that an Income Tax Cut is a bit more visible but the effect for people at work is much the same. The difference doesnt apply to pensioners, of course. That difference doesnt apply to pensioners, of course. That is a concern. Pensioners, of course. That is a concern. Isnt pensioners, of course. That is a concern, isnt it . Pensioners, of course. That is a concern, isnt it . Well, pensioners, of course. That is a concern, isnt it . Well, you pensioners, of course. That is a l concern, isnt it . Well, you cant do anything concern, isnt it . Well, you cant do anything. You concern, isnt it . Well, you cant do anything. You cant concern, isnt it . Well, you cant do anything. You cant help do anything. You cant help pensioners do anything. You cant help pensioners more, do anything. You cant help pensioners more, can do anything. You cant help pensioners more, can you . Do anything. You cant help pensioners more, can you . That is the flip side. Im pensioners more, can you . That is the flip side the flip side. Im not saying pensioners the flip side. Im not saying pensioners always the flip side. Im not saying pensioners always have the flip side. Im not saying pensioners always have an | the flip side. Im not saying pensioners always have an easy time but they have done quite well with the operating in recent years. We ust had the operating in recent years. We just had Sir Vince Cable, of course, a former member of the Coalition Government. He said speaking on a personal capacity Public Spending does need to increase and inevitably thatis does need to increase and inevitably that is going to mean putting up taxes in the long run. What is your assessment of what he just said . It is a very interesting point, the right point for him to make but i am ina right point for him to make but i am in a different side they are gone from him. Jeremy hunt left the total for Public Spending on change, 1 real. People like vince will say thats not enough Butjeremy Hunt was my answer to that is increased productivity and making a very powerful and very important point. Productivity in the private sector is now above its pre pandemic level. In the Public Sector its not but we cantjust keep putting money into the Public Sector without getting results. That is all very fine words but actually i think the detail that the chancellor went into, and i know he and the minister of the cabinet obviously have been working on this for some months improving public productivity and they are really serious about that and the £3. 11 billion to be invested in improving productivity and the nhs could yield, the chancellor said, ten times that amount in savings, 35 billion. ~. , billion. Much for saving your thoughts billion. Much for saving your thoughts and billion. Much for saving your thoughts and you billion. Much for saving your thoughts and you think billion. Much for saving your thoughts and you think thisl billion. Much for saving your. Thoughts and you think this will billion. Much for saving your thoughts and you think this will be an election winning budget your party . I an election winning budget your a . ~ an election winning budget your. A . ~ ,. , an election winning budget your a . ~ , an election winning budget your. A . ~ ,. , party . I think it points the way to the divide you party . I think it points the way to the divide you identified. Party . I think it points the way to the divide you identified. One party . I think it points the way to l the divide you identified. One party cutting taxes, the other wanting to put up both spending and taxes. Lord lamont, put up both spending and taxes. Lord lamont. Thank put up both spending and taxes. Lord lamont, thank you very much for your take on the days events. Shortly we will be joined take on the days events. Shortly we will bejoined by take on the days events. Shortly we will be joined by the co leader of the green party but lets take a look at some of the other measures that came in today. We wa nt we want to encourage investment in the north sea so we will retain generous Investment Allowances for the sector. We will also legislate in the finance bill to abolish the Energy Profit levy should market prices. The historic norm for a sustained period of time after representations in the honourable member for representations in the honourable memberfor buckingham. But representations in the honourable member for buckingham. But because of the increase of Energy Prices caused by the ukraine what is expected to last longer, so, too, will the sectors Windfall Profits so i will extend the sunset on the profits level for an additional year to 2029, raising £1. 5 billion. Irate to 2029, raising £1. 5 billion. We had listened There Tojeremy Hunt Outlining that windfall tax in comic extension. Joining me now is the co leader of the green party. Welcome to this very busy seat, or standing spot i should say, here on Couege Standing Spot i should say, here on College Green. You happy that that tax has been extended . I College Green. You happy that that tax has been extended . College green. You happy that that tax has been extended . I suppose it is better than tax has been extended . I suppose it is better than nothing tax has been extended . I suppose it is better than nothing but tax has been extended . I suppose it is better than nothing but it tax has been extended . I suppose it is better than nothing but it is is better than nothing but it is still missing a massive opportunity because the conservatives designed their version of the windfall tax to have this deliberate, huge loophole in it where fossil fuel companies dont have to pay the majority of the tax if they invest their profits into more oil and gas extraction infrastructure, whereas they could have designed the windfall tax so that they only receive the discount if they invested in renewables infrastructure, and that would have been an easy way to use the tax system to encourage our economy towards the green transition that we so desperately need. And thats the version of the windfall tax, the dirty profits tax, that the green party has been calling for, as a Stepping Stone towards a more permanent carbon tax, which is about. Is basically all about fairly accounting for the costs of Carbon Emissions on society and it bit helps that kind of nudge factor because it means that the greenest options will also be the cheapest options, and we want to say investment in helping to lower peoples Carbon Emissions by insulating their homes because that also brings down the hills so its good for the cost of living crisis as well as the Climate Crisis. Brings down their bills. 50 as well as the Climate Crisis. Brings down their bills. So many missed opportunities brings down their bills. So many missed opportunities in brings down their bills. So many missed opportunities in this brings down their bills. So many missed opportunities in this budget. What we seen in the last year or so the challenges of balancing a drive towards a greener nation with the cost of balancing a drive towards a greener nation with the cost of living crisis. We saw the Prime Minister change and amend some of his green ambitions and we saw the labour party do the same with a £20 billion promise. There is the will but a lot of politicians are saying itsjust will but a lot of politicians are saying its just not practical when families up and down the country are really struggling. What would you say to that . Im really struggling. What would you say to that . Say to that . Im not sure i agree with ou say to that . Im not sure i agree with you there say to that . Im not sure i agree with you there is say to that . Im not sure i agree with you there is the say to that . Im not sure i agree with you there is the political say to that . Im not sure i agree| with you there is the political will amongst the other parties i think thats why the popularity of the greens is growing and ever so many vote that want to see a green mp elected so that we can hold them presumably Labour Government is coming up next, hold theirfeet to the fire and make sure they stick to the fire and make sure they stick to the Climate Investment promises which risen. D0 the Climate Investment promises which risen. The Climate Investment promises which risen. Do you consider that it is in a Cost Crisis Valley it is in a Cost Crisis Valley difficult balance because some of this in the longer term might save money but to get to that place, it costs money . The money but to get to that place, it costs money . Costs money . The thing is, the labour party costs money . The thing is, the labour party could costs money . The thing is, the labour party could have costs money . The thing is, the| labour party could have chosen costs money . The thing is, the I Labour Party could have chosen to costs money . The thing is, the labour party could have chosen to do as the greens were doing and promise of a phone to the tax system which would mean that those with the broadest shoulders who could easily afford to pay a little bit more, to pay their fair afford to pay a little bit more, to pay theirfair share, afford to pay a little bit more, to pay theirfairshare, can afford to pay a little bit more, to pay theirfair share, can pay afford to pay a little bit more, to pay their fair share, can pay for the investment in public services, intervening of economy, the benefits everyone. So in the run up to this budget, we were calling for amendments to the tax system to tax wealth specifically, to tax wealth early, because the uk is a rich country. You know, we have a wealthy economy but that wealth is concentrated in the hands of a small number of people and it sitting there stagnant in Bank Accounts and in assets. So the greens want to introduce a very quite modest wealth tax on just the multimillionaires and billionaires, just a 1 tax on wealth above £10 million and some reforms to Capital Gains tax and National Insurance. Because at the moment our tax system is set up in a way that those who are on low incomes pay much more compared to their income than the wealthiest. Thats among way around despite the greens are concerns. This the wrong way around. Our reforms to the tax system could raise over £50 billion which could go towards Front Line Services like the nhs and social care and in a nationwide Housing Retrofit Programme that would bring down everybody� s bills, tackling the cost of living crisis and the Climate Crisis hand in hand. Co chair of the green party, thank you very much for sharing your perspective. You very much for sharing your pempective you very much for sharing your pempective in you very much for sharing your perspective. In a i you very much for sharing your i perspective. In a short perspective. Thank you. In a short moment, perspective. Thank you. In a short moment. We perspective. Thank you. In a short moment, we will perspective. Thank you. In a short moment, we will be perspective. Thank you. In a short moment, we will be speaking i perspective. Thank you. In a short moment, we will be speaking to l perspective. Thank you. In a short l moment, we will be speaking to the director general of the British Chambers Of Commerce to get their reaction to the budget but first lets get your another look at more detail. The chancellor has insisted the governments record investment has been strong and also laid out further steps to boost Economic Growth including an increase to be that registration special. Lets have a listen. We said we will increase permanent full expensing making us have the most attractive tax regime of any g7 country. Welcome by over 200 Business Leaders with the cbi singer was a game changer and the single most transformational thing we could do to fire at the british economy. And today i take further steps to boost investment. Having listen to calls from the cbi, make uk and the bcc, we will shortly publish Draft Legislation the full expensing to apply to leased assets, a change i intend to bring in as soon as it affordable. We will also help Small Businesses, something close to my own heart, as well as the Business Rate Support on work on prompt payments financed in the autumn. Ill provide £200 million of funding to extend the Recovery Loan Scheme as it transitions to the guarantee scheme, helping 11,000 smes access the finance they need. Following representations from the federation of Small Businesses as well as honourable members for loughborough, south and western rather valley, i will reduce the administrative and Financial Impact of that by increasing the Vat Registration Threshold from £85,000 to £90,000 from april the 1st, the first increase in seven years. That will bring Tens Of Thousands of businesses out of paying vat altogether and encourage many more to invest and grow. Joining me now is. Joining me now is Shevaun Haviland director general of British Chambers Of Commerce you had a phone call with the chancellor met him last week. Europe clearly someone chancellor met him last week. Europe clearly someone he chancellor met him last week. Europe clearly someone he wants chancellor met him last week. Europe clearly someone he wants to chancellor met him last week. Europe clearly someone he wants to keep i chancellor met him last week. Europe| clearly someone he wants to keep you happy. You represent 50,000 members. Very important for the chancellor to get you on site. Has he done that today . Get you on site. Has he done that toda . ,. , get you on site. Has he done that toda . , get you on site. Has he done that toda . , today . The chancellor recognises as well do that today . The chancellor recognises as well do that the today . The chancellor recognises as well do that the Economy Today . The chancellor recognises as well do that the economy is well do that the economy is absolutely crucial in keeping the economy getting back on its feet is going to be really important, thriving businesses mean morejobs, more taxes but the chancellor and supporting public services. What did we hear today . If i can take you back briefly to the Autumn Statement we saw a lot of the business in the Autumn Statement. Full expensing, Business Rates relief, so we expected less for business this time around. Headlines, of course, National Insurance, money back into peoples pockets is always a good thing for businesses, especially if they spend it. Why maxi about tax cuts . We do, we do, but what we do say, and across the obrs focus is to say, that it will hopefully see 200,000 people back into the workforce is really welcomed by business because it is the number one thing that businesses are struggling with. Its getting people. But what we also say to the chancellor is for the longer term more sustainable economy we need to support business. We need to get businesses back to thriving. So we saw some measures today from business, the measures we have been asking the chancellor fall, and planning the Match Funding and a fund were building to help train more planners to help the system moving better. We saw an increase in the Vat Threshold. I moving better. We saw an increase in the Vat Threshold. The Vat Threshold. I wanted to ask about that the Vat Threshold. I wanted to ask about that it the Vat Threshold. I wanted to ask about that. It has the Vat Threshold. I wanted to ask about that. It has gone the Vat Threshold. I wanted to ask about that. It has gone up the Vat Threshold. I wanted to ask about that. It has gone up by i about that. It has gone up by 25,000. Is that enough . It is a start. 25,000. Is that enough . It is a start the 25,000. Is that enough . It is a start. The post 25,000. Is that enough . It is a start. The post problem 25,000. Is that enough . It is a start. The post problem with i 25,000. Is that enough . It is a | start. The post problem with the 25,000. Is that enough . It is a start. The post problem with the Vat Threshold as it means businesses stop that growth at that level so they dont have to pay vat so any increase means businesses had a bit more of a head room to grow but it is still a cliff edge. Is still a cliff edge. What would ou like is still a cliff edge. What would you like it is still a cliff edge. What would you like it to is still a cliff edge. What would you like it to be . Is still a cliff edge. What would you like it to be . It is still a cliff edge. What would you like it to be . It is is still a cliff edge. What would you like it to be . It is 90,ooo| is still a cliff edge. What would i you like it to be . It is 90,000 now. It was 85,000. Irate you like it to be . It is 90,000 now. It was 85,000. It was 85,000. We said to the chancellor it was 85,000. We said to the Chancellor Usd it was 85,000. We said to the Chancellor Usd need it was 85,000. We said to the Chancellor Usd need to i it was 85,000. We said to the Chancellor Usd need to do i it was 85,000. We said to the Chancellor Usd need to do a i it was 85,000. We said to the | Chancellor Usd need to do a full review and it may well be we need to look at having a no Vat Threshold at all or actually lets look at Vat Thresholds that taper so that she was a business grow, your tax changes. As you as a business grow. Changes. As you as a business crow. ~. , changes. As you as a business crow. ~. Y. , changes. As you as a business crow. ~. , ~ changes. As you as a business crow. , i. ~. , changes. As you as a business crow. ~. , ~. ,. , changes. As you as a business crow. ~. , ~. ,. , grow. What you think going to be askin grow. What you think going to be asking for . Grow. What you think going to be asking for . As grow. What you think going to be asking for . As going grow. What you think going to be asking for . As going to grow. What you think going to be asking for . As going to a grow. What you think going to be asking for . As going to a general election, and lets notjust talk about government. Leader of the opposition hopes to win the election. Whoever is in the government, lots of challenges will present themselves to the business community. Would you be saying to the leader of the labour party as well as the chancellor about what needs to be the priority there was perhaps missing today . Minot needs to be the priority there was perhaps missing today . Needs to be the priority there was perhaps missing today . What we have been sa in perhaps missing today . What we have been saying to perhaps missing today . What we have been saying to the perhaps missing today . What we have been saying to the chancellor perhaps missing today . What we have been saying to the chancellor and i been saying to the chancellor and two politicians of all colours is, what Business Needs is clarity and certainty. Businesses dont work on political cycles. They work on long Term Investment cycles. We need a long Term Economic plan for this country. We need the politicians to set a framework so the business can come in behind it. And thats about skills, about people, about a tax system that works for Business Growth and its about trade and so, you know, trade in the uk is great but there are 200 countries around the world we need to be trading with two and all the fuss is about long term sustainable growth. Siobhan haviland, thank you very much for coming to speak to in between all us your chats with the chancellor and other dignitaries. Thank you very much. You chancellor and other dignitaries. Thank you very much. Thank you very much. You are welcome when i entered as budget the chancellor announced a National Insurance quote of 2p in the pound for employees, as we have been reporting. The labour party responded that taxes and the conservatives are now at a 70 year high. I5 conservatives are now at a 70 year hi. H. ,. , conservatives are now at a 70 year hih,. ,. Conservatives are now at a 70 year hiuh. ,. ,. ~y conservatives are now at a 70 year high. Is that correct . My colleague nick eardley,. Bbc verify has been Fact Checking both the chancellors speech, and labours response our bbc verify correspondent Nick Eardleyjoins us live from the newsroom yes, lots of numbers to sift through after the budget. After you say, the chancellor is selling this is a budget which cuts tax but it is really worth seeing that in the broader context. A lot of taxes have been going up because of the Income Levels at which you start paying different taxes have been frozen. More and more people basically have ended up paying higher levels of tax. It might have heard that cold fiscal drag in the past. Today, as you know, we have seen this big announcement. National insurance, a tax paid by people in work. But has been cut by 2p for april. It was also cut by 2p last year. But i want to show you the overall tax level in the uk. This is how much of gdp is collected by the treasury in taxes. You can see that its been going up quite considerably over the last few years. It isnt going up after todays announcement as fast as it was but it is still going up and that means that it is focused on a few years time to be, as labour are claiming, the highest level since 1948. That is in the official documents that came with the budget today from the office for budget responsibility. There are different people impacted in different ways. That doesnt mean that everybody is going to pay more tax. In fact, have a look at this. This is what people in different incomes are going to be paying. As a result, notjust about what happened today but also the result of the freezing of those Tax Thresholds. Ifind that result of the freezing of those Tax Thresholds. I find that very striking, actually. You can earning £35,000 £55,000 this is a good thing for you. £35,000 £55,000 this is a good thing foryou. It £35,000 £55,000 this is a good thing for you. It means you are going to be paying less tax. But if you are on £15,000, a mixture of higher Tax Thresholds, frozen Tax Thresholds and the National Insurance stuff means youre still paying more. You were £400 worse off. Give a bit worse off if youre earning 75 brand as well. So it is a mixed picture about this is good news for. One final thing i think its worth talking about in the big economic picture is this here, debt. Youve probably heard minister saying time and time again that debt is falling. Again, these figures are all made by the office for budget responsibility. They are all publicly available. They come with a budget. Have a look at this. This is today. Look what happens over the next few years. Debt actually goes up. The next three orfour years, is going up. Despite what ministers are saying about debt following it goes up. It fills a tiny bit at the end of the five year projection. That is what ministers are using to say that debt is ultimately falling. The broad picture i think it is a lot of these pictures, whether about rising taxes or debt, the picture is a bit better today when jeremy hunt says the economy is reaching a Turning Point and there is some evidence things are getting a bit better but a lot of people are still paying more tax and debt is still going up. Thank you very much, nick eardley at the verify helpful picking through some of todays numbers. Plenty more analysis from the bbc verify team and some of the bbc� s top correspondence on the bbc news website. If you want more on the budget, you can go to the website. Well be continuing our coverage on couege well be continuing our coverage on College Green in a moment but we will be the way for a brief second to have a look at some of the days other menus. Now lets have a look at some other news today. Nikki haley, the last remaining rival to donald trump for the republican president ial nomination, has pulled out of the race for the white house. It comes after mr trump and joe biden swept Super Tuesday State Primaries making a rerun of the 2020 election they fought a virtual certainty. Speaking in her home state of South Carolina in the last hour, ms haley congratulated donald trump and addressed the question of if she will now support him, quoting Margaret Thatcher in her answer. Have a listen. In all likelihood donald trump will be the in all likelihood donald trump will be the nomination injuly. I congratulate him and wish him well. I congratulate him and wish him well. I wish congratulate him and wish him well. I wish anyone well who would be americas i wish anyone well who would be americas president. Our country is too precious americas president. Our country is too precious to let our differences divide too precious to let our differences divide us too precious to let our differences divide us i too precious to let our differences divide us. I have always been a conservative republican and always supported the republican nominee. But on supported the republican nominee. But on this question as she did on so many but on this question as she did on so many others, Margaret Thatcher provided so many others, Margaret Thatcher provided some good advice when she said never provided some good advice when she said neverjust follow the crowd, always said neverjust follow the crowd, always make up your own mind. It is nowup always make up your own mind. It is nowupto always make up your own mind. It is now up to donald trump to win the votes now up to donald trump to win the votes of now up to donald trump to win the votes of those in our party and beyond votes of those in our party and beyond who did not support him and i hope he beyond who did not support him and i hope he does that. At its best politics hope he does that. At its best politics is hope he does that. At its best politics is about bringing people into your politics is about bringing people into your course not turning them away into your course not turning them away and into your course not turning them away and other conservative cause badly away and other conservative cause badly needs more people. This is now his time badly needs more people. This is now his time for badly needs more people. This is now his time for choosing. | badly needs more people. This is now his time for choosing. His time for choosing. I wondered if he will choose his time for choosing. I wondered if he will choose her his time for choosing. I wondered if he will choose her as his time for choosing. I wondered if he will choose her as his his time for choosing. I wondered if he will choose her as his vice i