The chancellor is on his feet delivering the 2009 Budget.

He has set the scene and outlined his apprach to getting the UK out of the recession.

His main points are:

  • We will invest our way out of recession
  • Most serious economic turmoil in 60 years
  • We will not repeat the mistakes of the 30s
  • We will restore confidence
  • British economy will grow again from end of this year
  • Global economy will double within 20 years
  • Crisis has spread across the globe
  • UK exports down 14 per cent
  • For the first time since 2WW the world economy will contract
  • £20bn of investment announced in pre-Budget Report are now being felt
  • We went into this recession with employment at an all-time high
  • There is no overnight solution
  • We will begin to restore confidence
  • The UK economy contracted by 1.6% in the first quarter this year
  • It will contract by the same amount in the second quarter
  • We will begin to see growth at the end of the year
  • Forecast growth of 1.25% next year
  • Inflation will be 1% at the end of this year