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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

12:47

Sion Barry Media Wales - Alistair MacDonald on VAT. "From January 2010 people will feel the pinch again on the high street with VAT back up to 17.5% No real surprises here."

12:47

Aled Blake, WalesOnline - CPI expected to continue falling sharply, reaching 1% by the end of this year. The Bank of England inflation target remains unchanged at 2%.

12:50

Sion Barry Media Wales - Mortgage interest scheme extended for six months for job loss hit homeowners

12:51

Sion Barry Media Wales -

Stamp duty freeze on properties less than £175,000 extended to the end fo the year

12:52

Sion Barry Media Wales - Company news here: Loss relief claims for companies extended to November 2010

12:53

Sion Barry Media Wales - Alistair MacDonald says: "This will provide a bigger window of opportunity for companies to obtain larger tax repayments on their losses. That's good news."

12:55

Sion Barry Media Wales - Alistair McDonald on stamp duty: "This has already helped 22,000 first time buyers and is seen by the Government as key to continuing to stimulate the housing market."

12:59

Sion Barry Media Wales -

Borrowing of £175bn this year at a massive 12% of GDP. Next year still at £173bn. Another big climb down by the Chancellor

1:02	Sion Barry Media Wales - Restricting pension relief for those earning over £150,000 from April 2011. Further details to follow. Here it is: top rate of income tax to be 50% for those earning over £150,000 from April 2010.

1:03	Sion Barry Media Wales - Alistair MacDonald on tax rise: "This has increased from the projected rate of 45% so will hit higher earners even more than expected."

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