Good evening. Jeremy Hunt has delivered his first Budget as Chancellor, after revealing sweeping tax rises and spending cuts last year. Scroll down to discover who the winners and losers were from the Budget, and how the measures announced will affect your finances.
Evening briefing: Today's essential headlines
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The big story: Hunt sets out his 'Budget for Growth'
The UK economy will avoid a recession in 2023 as inflation plunges from recent highs, Jeremy Hunt told MPs in his Spring Budget.
And in a boost to millions of households, he announced further support with energy bills and expanded free childcare - find out who is eligible for the extra help, and when it will start.
Matt Oliver and Melissa Lawford have a summary of the key points from the Chancellor's speech. Mr Hunt also handed a huge boost to wealthy retirees by abolishing the lifetime tax-free pension allowance from April 2024.
You can use our pension lifetime allowance calculator to work out how the Budget will affect your pension.
Jeremy Warner writes that despite a damp squib of a budget, things are beginning to look up for the economy.
Click here for a full outline of the winners and losers from the Budget.
Tax burden on track to hit post-war record, warns OBR
Britain's tax burden is on course to hit a new post-war record, as the Chancellor reaps billions of pounds more from a raid on workers, investors and businesses, official forecasts show.
The Office for Budget Responsibility (OBR) expects the UK to avoid a recession as stronger tax receipts, tumbling energy prices and measures to get people back to work help the economy avoid a prolonged downturn.
However, it warned that households still faced the biggest two-year squeeze in living standards on record - find out why by reading our business live blog.
Britain is 'sick man of Europe' again, says Keir Starmer
Sir Keir Starmer claimed the UK is the "sick man of Europe once again" as he criticised the Budget.
The Labour leader told the House of Commons that the economy needed "major surgery", but all it got today from the Chancellor was a "sticking plaster".
During his speech, Mr Hunt took a swipe at Matt Hancock over the former health secretary's leaked WhatsApp messages revealed by The Telegraph.
You can find all the political reactions to the Budget on our politics live blog.
Patrick O'Flynn writes that this was a targeted budget for key voters, but argues 'steady as you go' won't be enough to save the Tories.
Comment and analysis
- Michael Deacon | We have replaced the traditional family with a giant national Ponzi scheme
- Tom Harris | Scotland doesn’t want President Sturgeon
- Janet Daley | The British Disease is back – and Jeremy Hunt didn’t even bother to diagnose it
- Ross Clark | Just admit that Britain isn’t ready for heat pumps
- Charlotte Runcie | Finally, we have the full story of Blair's war in Iraq
World news: Russia searching for US drone wreckage
Russia will try and retrieve the US drone one of its fighter jets downed over the Black Sea, the Kremlin has announced. However, a White House spokesman said the drone may never be recovered. Catch up on today's developments on our Ukraine live blog.
Interview of the day
Architect John Pawson’s radical minimalism: ‘People thought I was bonkers’
From a monk's cell to a Calvin Klein flagship, his work is defined by a spiritual purity – how does it translate to his Cotswolds farmhouse?
Sport news: Eight groups in talks with Manchester United as ownership battle hots up
As many as eight groups are in talks with Manchester United about the future ownership of the club, Telegraph Sport understands. Representatives for Sir Jim Ratcliffe are among those holding meetings in Manchester as the Glazers keep leading contenders guessing - find out who the other groups are.
Editor's choice
Travel | The 100ml airport liquid limit is ending, but there’s a catch
Royals | After protesters heckled the King this week, is support for the royals crumbling?
TV | Ted who? The Brits behind Mike Bassett, TV’s original – and best – football manager
Business news: Escalating crisis at Credit Suisse triggers fresh fears for European banks
Credit Suisse’s biggest shareholder has ruled out injecting any more cash into the embattled bank, triggering a slump in its share price and sparking panic in financial markets. Simon Foy has more on this story here.
Tonight starts now
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Three things for you
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And finally... for this evening's downtime
The Cornwall of Spain – with warmer weather and better food | The rugged beaches and pleasant climate of Galicia make it popular with Spanish holidaymakers, but not Britons - click here to find out why you should plan a visit
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