Chancellor George Osborne has begun his 2012 Budget in the House of Commons at 12.32.

This is the second full Budget Mr Osborne has given since taking on his role as Chancellor of the Exchequer in 2010.

There have been numerous leaks and rumours over the past few days as to what the Budget will contain.

Potential topics have been a cut on the 50p from tax rate to 45p, possibly even 40p later on, aggressive measures for those avoiding stamp duty, support for lending to small and medium sized businesses and personal statements for taxpayers detailing how their tax is spent.

Many aspects of the Budget appear to have been leaked in advance but shortly the nation will finally hear what Mr Osborne has in his Budget box. 

Among the changes widely tipped are significantly higher personal allowances, top rate taxation to be cut from 50p to 45p and a mansion tax.

In return for the cut in 50p tax rate, the Lib Dems are keen for the introduction of a ‘tycoon tax’, a series of anti-tax avoidance measures designed for the highest earners. The party also wants a mansion tax or another form of wealth tax.

According to a recent survey by polling consultancy ComRes, 70 per cent of Lib Dem supporters are against a cut in the 50p rate.

• Financial Planner Online will be extensively covering the Budget this week with coverage of the announcements on the day and all the post-Budget reaction. It will be also be tweeting via our feed @FPM_Online.