  We develop a general approach to the nonequilibrium dynamics of quantum
impurity systems for arbitrary coupling strength. The numerical renormalization
group is used to generate a complete basis set necessary for the correct
description of the time evolution. We benchmark our method with the exact
analytical solution for the resonant-level model. As a first application, we
investigate the equilibration of a quantum dot subject to a sudden change of
the gate voltage and external magnetic field. Two distinct relaxation times are
identified for the spin and charge dynamics.
