Geroge Osborne will deliver the coalition government’s first Budget at 1230 BST (1130 GMT), fulfilling the Conservatives’ pre-election pledge to hold a Budget within 50 days of coming to office. Here’s what we know so far:

■ Osborne will announce £1,000 increase in income tax threshold. 850,000 of the poorest workers will not pay tax.

■ Banks are braced for levy intended to raise over £3bn

■ Basic rate payers to get £200 tax break but higher rate payers lose out

â–  Chancellor to say richest will bear brunt of deficit reduction measures

As for the rest; its going to be a toughie.