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12:23

Sion Barry Media Wales - Welcome to Walesonline's Budget coverage. Will are joined today by Alistair MacDonald of Cardiff-based accountancy firm ktsowensthomas who will provide expert analysis

12:27

Sion Barry Media Wales - This is going to a tough hour for Alistair Darling. Will have to revise down his economic growth forecast set out in the Pre-Budget Report last November.
Not a great day on the jobs front today. Unemployment up 177,000 to 2.1 million.
In Wales it is up 7.5% (10,000) to 108,000. Jobless figure could reach three million next year and Government debt is spiralling.
Welsh Assembly Government will be anxiously looking at what the Chancellor announces on public sector spending.

12:33

Sion Barry Media Wales - Here we go. Alistair Darling looking pretty relaxed. On his feet. Committed to continuing to help people through global recession. Support business.
"Speed the recovery adding jobs and prosperity. Invest and grow out of recesion."

12:35

Sion Barry Media Wales - Expects economy to start growing again towards the end of this year. "Britian can and will be world leader." Sounding upbeat.

12:37

Sion Barry Media Wales - Export down 14% in the UK, but worse in Germany, China. World economy expected to contract this year, says Chancellor.
Says he has put banks on firmer footing: so they can lend billions more this year and next to businesses and consumers

12:38

Sion Barry Media Wales - VAT honeymoon of 15% will not continue beyond January 2010

12:39

Sion Barry Media Wales - Chancellor says total Government support to UK economy will protect up to 0.5 million jobs. But unemployment today up by 177,000.

12:40

Sion Barry Media Wales - Looking to build on G20 with EU finance ministers' meeting next week

12:44

Sion Barry Media Wales - GDP to contract by 3.5% this year, says the Chancellor. He forecast last year was only a down grade of between 0.75% to 1.25%. However, confident of some growth towards the end of the year.

Next year more fighting talk from the Chancellor with GDP growth of 1.25% and a very upbeat 3.5% in 2011. Confident talk indeed from the Chancellor

12:46

Sion Barry Media Wales - RPI (retail prices index) measure of inflation down to minus 3% by September

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