Budget 2012: Osborne expected to announce overall tax cuts

George Osborne will hail an overall cut in taxes when he delivers his third budget today – which you can follow live on this website.

The Chancellor is expected to say that lower government spending means he can put some money back in people's pockets.

You can follow the budget live on this website from 12.30pm today, and join in the discussion on Twitter using the hashtag #edpbudget. A full round-up of news and analysis of the budget will be in the four-page supplement in tomorrow's Evening News.

The centrepiece of Mr Osborne's announcement will be speeding up progress towards the coalition's promised �10,000 tax-free allowance – with the level potentially hitting �9,205 next year.

But he is also set to risk controversy by announcing that the 50p top rate imposed on earnings above �150,000 will be phased out.

Mr Osborne has repeatedly insisted he will not borrow more to fund tax give-aways, but he is thought to have been given more wriggle room by better-than-predicted fiscal figures.

There is speculation that up to 20 million people could find themselves better off as a result of the package – although the overall reduction in taxes will be relatively small.

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