UK facing period of falling wages and lower living standards, Institute of Fiscal Studies warns

The lower growth forecast for the economy means the Chancellor will have to raise taxes or make drastic cuts, the economic think-tank said.

Allegra Stratton Former National Editor

The Budget seems to be a return to 'nudge, nudge' politics which looks at behaviour, the cost of dealing with it, and makes a calculation.

Around 20 Tory backbenchers wrote to the Chancellor, even before the Budget was delivered, to outline their concerns about the measure.

Robert Peston Peston's Politics

The economic 'storm clouds' are gathering and the Chancellor seems to have accepted that reducing the country's debt will have to wait.

George Osborne, speaking on Good Morning Britain, admitted the move was "controversial" but said it was necessary to protect children.

The Chancellor will defend the budget today amid complaints he announced a tax on fizzy drinks - an attempt to get his plans back on track.

Joel Hills Business and Economics Editor

ITV News' Joel Hills looks at the likely impact of Osborne's new rules on debt interest relief on football clubs and companies in general.

Osborne says drinks producers should pay the new 'sugar tax', writes Chris Ship - but will it be customers who end up shouldering the cost?

Chris Ship Royal Editor

Shadow Chancellor John McDonnell said George Osborne's economic credibility 'is completely shot through' in response to the Budget.