The chancellorhas announcedthe details of the 2012 Budget.
This will be George Osborne's third Budget as chancellor, and were announced in front of the House of Commons at 12:30 GMT.
The chancellor announced that the government will cut the rate of tax down to 45p and raise the tax bracket bringing poorer people out of tax altogether.
They will also clamp down on tax avoidance and raise stamp duty on high value property.
Despite predictions that government borrowing would have reduced this year, official figures reveal a rise in borrowing in February to £15.2 billion.