Darling delivers 'recovery' Budget

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Opening his Budget speech, Mr Darling warned that Britain faced the most serious global economic turmoil for more than 60 years.

But he said the Government would protect investment in schools, hospitals and other key public services, while rebuilding the financial services sector.

He said: "Today's Budget will continue to help people through this global recession and prepare Britain for the opportunities of the future."

Mr Darling said the impact was being felt in every continent, country and community.

"When the world economy was plunged into deep crisis in the 1930s, the response, both nationally and internationally, was too little and too late," he told the Commons.

"This failure to act turned a serious downturn into a prolonged depression. We will not repeat those mistakes again."

He said governments across the globe had taken "decisive action". "This action, taken promptly and decisively, gives us good grounds for confidence."

He said: "This Budget builds on the substantial help for people and businesses in the Pre-Budget Report in November.

"It builds on the steps we have taken to recapitalise and restore confidence in our financial institutions. And it builds on the outcome of the G20 Summit in London this month, when the world's leading economies came together to agree unprecedented co-ordinated action to speed global recovery."