Opinionomics: must-read analysis and comment

Budget, budget, budget!

1. Budget 2012: A budget to bash baby-boomers (Telegraph)

Ian Cowie covers the various ways in which the Baby Boomers are hit by the budget.

2. Budget 2012: Breaking down the benefits bill (Left Foot Forward)

Richard Darlington points out that the much-vaunted "tax transparency" isn't much good if it presents "welfare" as one undifferentiated lump.

3. The Tories have taken a political risk – but they may be forgiven (LabourList)

Anthony Painter analysises the 50p tax-cut, and its political effects.

4. The real point about the rise in personal allowances (Tim Worstall)

Wostall argues that the rise in personal allowances highlights the general failure to uprate allowances to match inflation.

5. The Office for Budget Responsibility's credibility is in tatters (Independent)

David Blanchflower points out the terrible history the OBR has with getting anything right ever.

Pandora's box. Credit: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Police shoot man in parliament

A man carrying what appeared to be a knife was shot by armed police after entering the parliamentary estate. 

From the window of the parliamentary Press Gallery, I have just seen police shoot a man who charged at officers while carrying what appeared to be a knife. A large crowd was seen fleeing from the man before he entered the parliamentary estate.

After several officers evaded him he was swiftly shot by armed police.

Ministers have been evacuated and journalists ordered to remain at their desks. 

More follows. Read Julia Rampen's news story here.

Armed police at the cordon outside Parliament on Wednesday afternoon. Photo: Getty

George Eaton is political editor of the New Statesman.