Chancellor George Osborne delivered his budget for the 2012/2013 fiscal year to parliament on Wednesday.

Following are highlights from his statement.

ECONOMIC GROWTH

The OBR's overall assessment of the outlook and risks for the British economy is broadly unchanged since last November's report.

The OBR expect the British economy to avoid a technical recession with positive growth in the first quarter of this year.

They say that the British economy has carried a little more momentum into the new year than previously anticipated.

Indeed, the Office for Budget Responsibility is slightly revising up in their growth forecast for the UK this year to 0.8%. They then forecast 2% next year; 2.7% in 2014; And 3% in both 2015 and 2016.

(Reporting by UK bureau)