The numbers in the Chancellor's statement show a far weaker economic picture than the government had hoped for and some heroic assumptions.
'Disappointing' or 'fair and supportive' - Welsh political verdicts on George Osborne's budget.
From fuel to smoking, what the Budget will mean for the money in your pocket.
Here are some of the measures announced by Chancellor George Osborne that could affect voters' wallets:
- Rise in personal allowance brought forward to 2014, meaning no income tax on the first £10,000 of earnings
- Tax free child care vouchers worth £1,200 per child and increased support for families with children on universal credit
- Flat rate pension worth £144 a week to be brought forward to 2016
- Fuel duty rise scrapped
- Help for Equitable Life policy holders extended to those who bought with-profits annuities before 1992, with payments of £5,000 and extra £5,000 for those on lowest incomes
- Planned 3p rise in beer duty tax scrapped and replaced by a 1p cut in duty on a pint of beer
- New Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house
- Cap-on social care costs to come in in 2017 and protect savings above £72,000
September's planned fuel duty rise has been scrapped.
The Chancellor is encouraging early investment in shale gas with a "generous" new tax regime.
Bets are being taken on what words or phrases will be used by the Chancellor during his statement.
According to Ladbrokes, they include:
Budget for growth: evens
Tough decisions: evens
Striving to get on: 3/1
Labour's economic mess: 6/1
Mansion Tax: 12/1
Pasty Tax: 50/1
Ahead of the Chancellor's Autumn Statement this afternoon the Institute of Directors in Wales has issued an overriding message that he must stick to his fiscal targets, whilst ensuring the transport and energy infrastructure and tax system provide a firm basis for economic recovery.
– Robert Lloyd Griffiths, director of the IoD in Wales
George Osborne is in a difficult position. The global economy has been much rockier over the last two years than most expected; growth has been weaker and public borrowing higher than we hoped.
Some would like The Chancellor to abandon his targets and embrace bigger deficits, but he must hold his nerve. It's only through controlling public debt that Britain will retain the confidence of the markets and create strong foundations for recovery.
Dan Langford, Group Marketing Director of Acorn, says he believes that people should be paid in relation to the value their skills bring to an organisation.
Welsh Liberal Democrat Roger Williams MP says he's disappointed the 50p higher rate of tax has gone but says his party has achieved successes in government.