Budget 2016 - watch it live here, 12.30pm!

[KateMumsnet]

Chancellor George Osborne will introduce his eighth budget at lunchtime today - he's expected to announce fresh spending cuts of £4bn, as well as a radical shakeup for schools in England, with every school becoming an academy by 2020, effectively ending local authority control. He'll also announce new funds to finance a longer day for secondary schools, with heads able to bid for funds for additional school activities and overtime pay.

Join us here to watch live at 12.30pm - and do let us know what you think of his announcements here on the thread.

Letustry I cant save £4 a year, Im a carer to DH. And our lives are going to get worse as it appears it is the disabled who are funding these 'wonderful' tax cuts and savings incentives. Please please try and see how it is for us at the bottom of the pile, with no chance of ever improving our income.

i think the extra hour at school is maybe to cut back on supported childcare through tax credits, unless it really is secondary schools only.
Have they said it's secondary only or Primary too.

Corbyn is furious.

The lifetime ISA

For every £4000 you have in it, the Government will give you £1 a year. So if you have £40,000 you get £10. That is my take on it. Do correct me if I misunderstood that.

I was thinking that too. If it is only secondary schools fine but if they're including primary schools then parents who claim the childcare element of tax credits will not be able to claim as much as school will in effect be providing free childcare, hence saving the goverment money.

Where do they think the money is going to come from to fill these amazing new lifetime ISAs? I haven't got any more money in pocket. Where does the magic money come from?

Secondary schools only. Doesn't take into consideration that the schools allocation system means many children are travelling an hour plus each way every day.

The lifetime isa is to cover you for pension, disability, job loss, health and education.

I think he said for every £4 you save they'll contribute £1. So if you save £4000 then the goverment will pay in £1000.

When are they building the workhouses?

Corbyn is ripping them a new one. He's brilliant.

kathrynL That's 25%! Surely that's not sustainable!

I know I may be being selfish here but I'm so glad they're only extending hours to secondary schools instead of primary. My eldest who's at secondary it is a two minute walk from our house so tbsy won't be a problem. But if they were to bring it in for primary schools then my AsD child wouldn't cope.

Women, children and people with disabilities are funding the business tax cuts.

I know, that's exactly what I was thinking.

I don't want my children in school for an extra hour a day, it's bad enough as it is ...... I don't need their childcare, can I tell them to shove it ?

God, that is right. So basically the well off will gain as the majority of young people just don't have £4k a year to save. 25% return on your money is extortionate.

My chronically ill children can't manage current scholl hours. Lots of fines to parents and force families into HE.

KathrynL, what about when your ASD child goes to secondary?

'Have I missed something where is the 4 billion welfare cuts'

Osborne probably announced the govt giving away money for savers and whilst the MPs are clapping he whispered quickly under his breath the cuts for the poor and disabled

KathrynL My youngest is 10. There's no way she could cope with another hour at school every day. She will face the same hour travelling each way once she moves to secondary. She has a melt down as soon as she comes home as it is.

I know. I'm not thinking tbsy far ahead as I'll panic but yes it's something to worry about.

Tax credits not really mentioned at all then, despite quietly screwing a lot of people completely when they get renewed this year. What a charming man he is.

GO is so fucking rude! He's sitting chatting to another MP while Corbyn is speaking . He should at least listen! Tosser.

The £1k the state gives you for the £4k saving (if you are lucky enought to be under 40 - doesn't help me) is similar to the current tax relief you get on a pension contribution.

"The government will consider whether Lifetime ISA funds plus the government bonus can be withdrawn in full for other specific life events in addition to buying a first home"
.
1.112 The government proposes that savers can make withdrawals at any time for other purposes, but with the bonus element of the fund plus any interest or growth on it returned to the government, and a small 5% charge applied. The government will also explore with the industry whether there should be the flexibility to borrow funds against the Lifetime ISA without
incurring a charge if the borrowed funds are fully repaid. In the US some retirement plans allow 50% to be borrowed up to a maximum of $50,000. Further details on the Lifetime ISA are set
out in the document published alongside Budget."