BBC - Democracy Live - Treasury Committee Live coverage of Chancellor George Osborne giving evidence to the Treasury Committee from 2.15pm as part of the committee's scrutiny of the budget. The budget statement to MPs on 21 March contained a number of proposed changes to tax and allowances, including the 50p top rate of tax cut to 45p. The personal income tax allowance will also be raised to £9,205 from April 2013, in an attempt to take a number of people out of tax - although a change in the higher tax threshold will mean that around 300,000 people will move to the higher tax band. In what has been dubbed by critics as a "granny tax," pensioners will no longer receive a larger personal income tax allowance than people of working age. At present, the over 65s can earn £10,500 before tax, while those over 75 can earn £10,660, but those age-related allowances will removed for new pensioners from April 2013. Mr Osborne announced that the Office for Budget Responsibility (OBR) had revised up UK growth forecast for 2012 to 0.8% - from 0.7%. He said the Budget "rewards work" but Labour Leader Ed Miliband labelled it a "millionaire's Budget." There were also criticism over the amounts of leaks regarding the contents of the Budget that had occurred in the days leading up the Chancellor's appearance in the Commons.